French asset manager Stam Europe has joined forces with Italian developer Vitali to take over the former Expo area of Milan for a major redevelopment project.
Under the agreement, Stam and Vitali have acquired the lease hold right for 100 years on the city centre site located in the City Life area of Milan. They are paying €3 mln in rents a year for the area, which will undergo a €140 mln redevelopment project encompassing over 60,000 m2 of hotel, office, healthcare and retail facilities.
‘This is a trophy asset of international importance in Milan,’ commented Mathieu Cassinis, head of Stam Europe’s Italian business.
The initiative follows the launch earlier this month of the Galleria Manzoni development project, to be carried out in Milan by a joint venture of Stam Europe and services firm Prelios.
With the project, which covers 10,000 m2 the two investors hope to turn Galleria Manzoni into the centrepiece of Milan’s fashion district.
Source : PropertyEU