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The Italian Real Estate Market in September

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Residential

AbitareIn signed the preliminary agreement to sell development and urban renewal project in the former Plasmon production plant, Milan, to Supernova for €72 million. Located near Porta Romana, the site covers 31,000 Sqm and will be converted into mixed-use properties.

Offices

Coldwell Banker Commercial acted as the exclusive advisor in the sale of an office and commercial property in Prato (Tuscany) to San Nicola (GB Holding) with a gross surface of 15,000 Sqm.

Barings sold an entire building in Milan to a German institutional investor. Recently requalified, the asset covers 8,700 Sqm and is close to Porta Genova metro station. The property is leased long-term to three tenants, while the lease agreements for the retail part of the building are currently in progress.

Meanwhile, Generali Real Estate completed the acquisition of Cortile della Seta, a mixed-use trophy asset located in the Brera district of Milan. The area consists of office space for 19,000 Sqm and 2,000 Sqm of retail space, including terraces covering 1,400 Sqm on different levels. The property is leased long-term to companies such as LVMH and Kering.

Finally, Invesco Real Estate bought from Coima an office building in Milan for €40 million. Built in 2007 and covering 13,650 Smq in total, the property had accommodated BNL BNP Paribas in the past.

Retail

In’s Mercato (PAM Group) acquired 54 stores from Dico. The supermarkets are under the Tuodì, Fresco Market and Ingrande brands and are located in Lazio, Tuscany, Umbria and Marche.

Meanwhile, COIN plans to open its new store in The Medelan, Piazza Cordusio, Milan. It will be the first retail tenant of the new shopping mall which occupies the iconic Palazzo Broggi.

Hospitality

Dea Capital, acquired the historical building Palazzo Marino, Rome’s old town, for €165 million from Scarpellini to convert it into a luxury hotel under the Four Seasons brand.

In Lake Como, Marriott International Inc. entered an agreement with Bain Capital Credit and Omnam Group to inaugurate a hotel under the brand EDITION, planned to open in 2025. The property will offer 145 rooms, a lobby bar, a swimming pool and several restaurants.

Logistics

GLP is about to start its first development in Italy with a grade A warehouse in Colleferro (Rome), covering a 24,000 Sqm GLA, which will be ready by Q3 2023.

Kryalos Sgr completed the acquisition of a logistic property in Stezzano (Bergamo). The asset was built in 1974 and renovated in 2010, covering about 21,000 Sqm and featuring 28 loading docks.

Near Verona, Cordifin acquired for €26.5 million a 200,000 Sqm logistic area located in the freight terminal Interporto Quadrante Europa. The facility is managed by Hangartner.

Meanwhile, Carlyle Real Estate Sgr bought a portfolio consisting of logistic hubs in strategic locations in the north of Italy. The operation was financed by Société Générale, among others.

Finally, Mirastar (Kkr) acquired two last-mile warehouses in Origgio (Varese) and Settimo Torinese (Turin). The assets cover a total surface of 41,400 Sqm and are entirely leased.

Alternative

Cdp Immobiliare Sgr entered an agreement to sell to CompuGroup Medical the former Ospedale al Mare in Lido di Venezia (Venice), where CompuGroup Medical plans to implement an eHealth Technopark, focusing on creating and marketing innovative artificial intelligence applications for the healthcare sector.

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