Italian real estate fund manager Coima SGR has teamed up with real estate company Red Circle to develop a fashion hub next to Milan’s Porta Romana railway yard.
Coima said it has agreed the partnership with Renzo Rosso’s real property company to transform the former industrial site on Via Lorenzini into a 20,000 square meters fashion hub.
According to sources, Red Circle and Coima will invest equally in the €200 million project.
Coima acquired ownership of the Via Lorenzini complex in 2019 through the Coima Opportunity Fund II.
The scheme, which is being designed by architect Kohn Pederson Fox, will involve the refurbishment of two existing properties as well as the construction of two new L-shaped buildings. Construction will begin at the end of 2022 with completion scheduled for the end of 2025.
Manfredi Catella, founder and CEO of Coima SGR, said: ‘The partnership between Coima and Red Circle consolidates a multi-year collaboration that started in Porta Nuova and now continues in Porta Romana.'
‘This partnership brings together our respective experiences to imaginatively and harmoniously regenerate a former industrial complex that forms a fundamental piece of the wider redevelopment of the Porta Romana area, which includes the Scalo di Porta Romana and the 2026 Winter Olympic Village.’
Source: realassets.ipe.com on the 7th of September 2022
https://realassets.ipe.com/news/coima-and-red-circle-to-develop-200m-fashion-hub-in-milan/10061960.article