Listed Italian property group Prelios has signed an agreement with French investment management firm Stam Europe to redevelop the Galleria Manzoni centre in Milan.
The €20 mln project will take two years and cover a gross surface area of 10,000 m2. Stam Europe, which manages around €450 mln of assets in Italy, will jointly manage the development and select future tenants.
The asset is the flagship of Prelios’ Social & Public Initiatives Fund, a reserved speculative fund set up to target institutional investors.
Prelios said the objective of the fund is to restore the mall’s status as the gateway to the city’s fashion district, with a boutique hotel, restaurant and retail premises, as well as a space dedicated to the history of cinema.
‘As of today, the Social & Public Initiatives Fund can count on the expertise of Stam Europe, an operator with one of the most significant track records in the high street retail sector,’ said Paolo Scordino, CEO of Prelios sgr. ‘This agreement strengthens the relationship between Prelios and one of the most active international players in Italy with proven experience in other major transactions.’
Source : PropertyEU