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The Italian Real Estate Market in June


The requalification of the former railway yard Scalo Lambrate will start soon under the project named Lambrate Streaming. The masterplan concerns a 65,000 Sq m area, with public park covering 41,500 Sq m, as well as coworking spaces and various services focusing on sustainability.


Banca Finint acquired from Generali Real Estate Sgr Palazzo Gran Torino in old town Turin covering approximately 17,000 Sq m. The building is occupied by stores on the ground floor, while the remaining seven floors are for residential and office use.

Always in Turin, RED Group finalised its first Italian investment with the smart residential building named Smart House Saluzzo43, located in the recently requalified area of San Salvario. The building covers 3,300 Sq m for 38 apartments, featuring innovative services and multifunctional areas.

Finally, Algebris NPL Partnership II plans to convert the former Turin HQ of the publishing house Utet into a residential building under project RI.VA (Rinascimento Valentino Apartments). The building covers a gross surface of over 5,300 Sq m for a total of 48 apartments. Works are expected to be completed by July 2022.


In Milan, Dws Alternatives GmbH (Deutsche Bank Group) sold to Corum Asset Management the Blue Building. The asset, which covers a 6,744 Sq m surface, is entirely leased to GE Healthcare and is located near the thriving business district of Bicocca and the requalified areas of Scalo Greco-Pirelli and MilanoSesto.

Enpaia, the National Mutual Fund for Agricultural Employees, acquired 50% of the shares of the Rubens fund, which holds the Libeskind Tower in CityLife, Milan, from Generali for over 160 million €. The tower, named Pwc Tower after its tenant, is 175 metres high and the third skyscraper in the city. It develops over 34 floors and covers 33,500 Sq m.

Finally, AstraZeneca, Bio4Dreams and Rold will soon relocate to Mind Village, the district created from the reconversion of Expo in Milan. Lendlease has signed with all the three companies binding agreements for the lease of a 5,000 Sq m space.


Banco Bpm is expected to transfer NPLs amounting to 1,5 billion € to Fonspa (Credito Fondiario). The operation will be closed at 30% of the book value.

Meanwhile, Intrum-Deva Capital, Credito Fondiario, Fortress and Bain Capital Credit seem to be the favourite team for the acquisition of the NPL leasing portfolio of Intesa Sanpaolo with a nominal value of 1.1 billion €.


In Piazza Cordusio, Milan, the restaurant HORTO is about to open in Palazzo Broggi, which is owned by DeA Capital, in a 1,400 Sq m space.


Torre Sgr sold a hotel in Milan together with its hospitality business unit TMall RE to Star Gestioni. The offer price was 7.7. million € for the asset and 5 thousand € for the company.

Hospitality has seen a surge in investments, with the rumoured acquisition by Cdp of Lefay Resort on Lake Garda, and the requalification of Hotel Cristallo in Cortina, owned by Gualandi, with the help of Attestor Capital in view of the 2026 winter Olympics. Dkd Real Estate estimates that investments in the hotel sector are likely to exceed one billion € this year.


Kryalos Sgr acquired two last-mile logistic assets in Crespellano (Bologna) and Prato (Florence) for a total surface of 17,000 Sq m and 40 loading docks.

Meanwhile, following the acquisition by Dea Capital Real Estate Sgr from Segro-Vailog of four logistic assets for 268 million €, the fund Logita has become the biggest logistic fund in Italy.

Finally, Blackstone has put for sale its Italian logistic portfolio Pj Century. The portfolio is valued over 260 million € and covers 235,000 Sq m in total. GLP currently has the exclusive on the transaction.


CampusX, will inaugurate in 2023 in Bovisa (Milan) CX Place, whose student halls will offer 948 rooms and 1092 beds for a total surface of 26,500 Sq m.  Besides students, the facility will also accommodate researchers and young professionals.


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