Invimit SGR is seeking a co-investor in the development project of “Piazza D’Armi” in Milan, an asset of approx. 388,000 sqm owned by the real estate fund i3 Sviluppo Italia – Comparto 8 quater, managed by Invimit. The project envisages the development of a gross buildable area of approx. 135,000 sqm, 12,600 square meters of third-party properties currently being acquired The project also includes the creation of one of the largest urban parks in Milan, covering 75% of the area. A “project in the project”, making it stand out in the market in terms of attractiveness and sustainability.
To achieve the project, the asset will be contributed to a new reserved real estate AIF, “Virgilio Fund“, initially managed by Invimit. The majority of the units issued for the contribution will be sold to a selected investor, while the left-over units will remain in the property of the fund i3 Sviluppo Italia – Comparto 8 quater held in majority by the Ministry of Economy and Finance, which will, therefore, through the fund, be a co-investor.
HOW IT WORKS
After signing a confidentiality agreement, interested entities who qualify as professional investors and therefore meet the requirements will have access to the data room to evaluate the project’s information memorandum.
The expressions of interest, which may also be formulated on a club deal basis, shall be submitted until July 24, 2023 (deadline extended to 31st October 2023)
Other information about the project can be found in the invitation letter and its attachments, which can be downloaded from the links below.