Barings invest mixed use property in Italy
Barings has acquired Viale Cassala 22 that is a mixed use office and retail building in Milan, Italy, on behalf of institutional investors. Finanacial details were not undisclosed.
Viale Cassala 22 provides ca. 8,700 square meter of space, offering 50% retail and 50% office accommodation. Currently, the retail area is fully let. Beisdes, the offices are set to be redeveloped into high quality, energy efficient Grade A space. Further improvements will be made to the facade, entrance hall and external areas to modernise the building and ensure its potential is optimised.
Viale Cassala 22 is located in a busy part of central Milan . The metro station Romolo is only 300 metres away and from here, it is nine stops to Milano Centrale station and four stops to the city centre. Also, the area is home to a number of renowned educational institutions and considered one of the most vibrant parts of the city.
Valeria Falcone, Managing Director, Real Estate Country Head Italy and Portfolio Manager at Barings, said, “Via Cassala 22 is our third value-add transaction in Milan, having previously acquired Via Pola and Via Ceresio. The asset has great visibility on the internal ring road and sits close to Romolo tube station, one stop from Porta Genova. The area is growing with undersupplied demand for Grade A office space. We will look to unlock the potential of the asset through an active redevelopment programme that will modernise the asset and offer tenants a contemporary, fit-for-purpose space.”
Source: Europe Real Estate
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