Italian property entrepreneur Danilo Coppola has signed a preliminary agreement with Ipi to buy the Porta Vittoria site in the centre of Milan for a total of EUR 134 mln. The acquisition, made through his investment holding Tikal Plaza, is expected to be closed by the end of October. Coppola is buying the development from Ipi, which is currently 75%-owned by the Segre family and which he previously managed,.
Italian property entrepreneur Danilo Coppola has signed a preliminary agreement with Ipi to buy the Porta Vittoria site in the centre of Milan for a total of EUR 134 mln. The acquisition, made through his investment holding Tikal Plaza, is expected to be closed by the end of October. Coppola is buying the development from Ipi, which is currently 75%-owned by the Segre family and which he previously managed,.
The Porta Vittoria project, which covers an area of 40 hectares, will be acquired through a company loan of EUR 80 mln, the payment of EUR 30 mln in cash and the transfer of EUR 24 mln of assets owned by Coppola to Ipi. The development, which has been frozen for the past two years, will include 40,000 m2 of commercial space and 1,400 parking spaces near the former Vittoria station in Milan.
