The Urban Living III – Chiaramonti Fund, managed by Castello SGR, has purchased a 12,050 square meter plot of land in the San Siro area of Milan, specifically on Via dei Chiaramonti, as reported by Monitorimmobiliare.
The plan is to develop the area into a residential complex that will be put up for sale. The complex will consist of 120 units and cover a total area of 17,000 square meters. The project has been designed by ARA Associati and will involve the construction of five buildings, two of which will be designated for subsidized housing.
This transaction is part of a larger partnership and is sponsored by Varallo RE and Banor Alternative Assets Sicav, specifically through their Banor Special Situations II sub-fund. The partnership also includes plans to acquire additional assets by 2023. Varallo RE will continue to oversee the development as the project’s manager.