Real estate firm Hines, in partnership with the Dutch pension fund manager PGGM, is expanding its residential portfolio by building an additional 100 apartments as part of the residential complex of ten properties in Via Lampedusa, Milan, Italy.
This new investment, which is also the tenth asset of the company, was finalised through the Milan Living Fund I managed by Colliers Global Investors Italy SGR.
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Hines, along with PGGM, announced its plans to develop 1,400 new homes across three neighbourhoods in Milan, in April.
Hines is aiming for the total delivery of 5,000 new homes in Italy by next three years across the portfolio of developments it manages.
Constructed in the 1990s, this asset is presently a hotel occupied by Quark Due.
To be redeveloped into 100 residential apartments, this conversion project will be completed by the end of 2025.
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By GlobalDataThe new homes will offer a range of amenities including a 500m2 gym, a 200m2 co-working area, an e-commerce locker area, and common areas for meeting and socialising.
Each apartment will feature a spacious covered terrace or a balcony that can be used as an extension of the living area.
The project aims to achieve LEED Gold certification through energy performance and a zero-carbon emissions target.
It will offer 25,000m2 of grounds including parks and green spaces.
The complex in Via Lampedusa aims to be a campus in Milan with ample places where residents and the local community can meet through green areas, as well as a system of shared services across all the buildings.
The ten properties are being designed to meet the needs of different groups of people.
Hines Italy country head and senior managing director Mario Abbadessa said: “The creation of the first living campus in Milan is an important goal for us, as we have been investing and developing in the city for years to make it an ever-more innovative and attractive location.
“The campus concept is becoming increasingly central to our strategy across a range of sectors including residential, student housing, and offices. We believe that social relations, sharing spaces, and exchanging ideas are the roots for building sustainable cities of the future and we will continue to pursue change of use projects where it makes sense to do.”
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Image: Hines aims for the total delivery of 5,000 new homes in Italy by next three years. Credit: Pexels from Pixabay.
