Italian REIT Beni Stabili said its development arm has acquired full ownership of the ex-Prada development area in Milan.
Italian REIT Beni Stabili said its development arm has acquired full ownership of the ex-Prada development area in Milan.
In a statement, Beni Stabili said that it has bought the remaining 31.8% share it did not already own in the company that owned the site from its former partner LaGare.
The Milan-based group paid €14.5 mln for the interest, in line with the appraisal estimated by valuation experts.
The area, located south of the Porta Romana district and two kilometres from the central Duomo square, will see the development of around 100,000 m2 of offices in a project designed by architects Antonio Citterio Patricia Viel and Partners.
The area will represent Beni Stabili's new development pipeline following delivery of the Garibaldi tower complex in Milan, the company added.
