US-based real estate investment firm Hines and Kuwait Investment Office backed Cale Street have agreed to invest more than $590m to acquire and develop the first phase of the Milanosesto project in Italy.
The funds will be provided through a fund manager Prelios Group to develop nearly 2,600,000 gross ft2 of the plot, which is part of MilanoSesto development project.
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Designed by Foster + Partners, MilanoSesto development is claimed to be the largest urban regeneration project in Italy and one of the largest in Europe.
The project will transform approximately 16m ft2 of the area into an urban destination with new residential areas, office spaces, retail and hospitality.
Hines will work as a strategic advisor and development manager for the project, which is located in the north-east quadrant of Milan’s metropolitan area.
The project includes more than 111 acres of green space, which is expected to create a large urban park for Milan and is also estimated to be one of the largest in the Lombardy Region.
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By GlobalDataIt will comprise alternative residential product that provides affordable rents for residents including students, families and the elderly.
Hines said that the MilanoSesto development will include a range of spaces to encourage social interactions and inclusiveness, modern services that will be designed to meet the requirements of different generations including child-care and co-working areas.
Hines senior managing director and Italy head Mario Abbadessa said: “This region, one of Europe’s most dynamic and most promising, will see the launch of a sustainable and innovative residential development featuring affordable rents, links to the city centre and modern services for students, families, and the more mature.”
Subject to the receipt of all licenses and permits for the site’s infrastructure, work on the first phase of the development is expected to commence in 2021.
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Rendering of the Milanosesto urban regeneration project in Italy. (Credit: Hines.)
