The partnership between Patron Capital, Bluestone, and FREO Group has acquired a development site in the southeast of Milan to deliver an 18,000 sqm complex of 200 apartments.
Located in Via Salomone 77, the project is on the site of an abandoned building that was formerly occupied by the Ricordi publishing company and has a gross development value of €75m.
It will include garages and cellar space for the building’s residents and will contribute to the regeneration of the local area. Construction work is due to start in 2024, following the receipt of the building permit, at which point the acquisition will complete. Asti Architetti has been already appointed for the project design.
This acquisition is the third transaction for the partnership, which aims to invest approximately €250m in the acquisition and development of residential projects in Milan and follows the acquisitions of two sites in the Lambrate district.
Matteo Busà, Investment Director and Partner at Patron Capital, said: “This latest transaction is an exciting milestone for our partnership with FREO and Bluestone, bringing a further 200 units to our pipeline and taking our strategy to a new region of the city to sigfinicantly expand our footprint in Milan. Demand for new residential space in Milan remains high, while there is a limited supply of high quality, efficient and sustainable space, so we anticipate strong demand for this project upon its completion.”
Paolo Rela, Head of Asset Management Italy at FREO, said: “The Via Salomone project confirms our commitment, alongside our partners, to ESGled urban regeneration in Milan. Replacing abandoned buildings with new high quality developments will significantly contribute to the transformation of this part of the city, With the city continuing to attract new residents, the investment fundamentals of residential real estate as asset class remain strong in Milan.”
Andrea Bezziccheri, Chairman at Bluestone, commented: “Via Salomone 77 is a new development project in an exciting area that is witnessing significant urban regeneration in line with the current PGT for Milan, which is increasingly becoming a multicentric city. This is an opportunity for us to deliver a project of high architectural and living standards and aligned with the development policies of the ‘15-minute city’.”
