Patron Capital, the pan-European institutional investor focused on property-backed investments, together with Bluestone, the Milan-based Real Estate developer with over 20-year experience in the development of residential projects, and FREO Group, has agreed the acquisition of a development site in the south east of Milan, with plans to to deliver a 18,000 sq m complex of 200 apartments.
Located in Via Salomone 77, the project is on the site of an abandoned building that was formerly occupied by the Ricordi publishing company and has a gross development value of €75 million. It will include garages and cellar space for the building’s residents and will contribute to the regeneration of the local area. Construction work is due to start in 2024, following the receipt of the building permit, at which point the acquisition will complete. Asti Architetti has been already appointed for the project design.
This acquisition is the third transaction for the partnership, which aims to invest approximately €250 million in the acquisition and development of residential projects in Milan and follows the acquisitions of two sites in the Lambrate district.
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