Le mie ricette per la real estate communityBarings, one of the world’s largest diversified real estate investment managers, on behalf of Barings Real Estate European Value-Add Fund II (BREEVA II), has acquired a build-to-rent (BTR) development opportunity in Milan.
Purchased through an Italian real estate fund managed by Savills IM SGR, the off-market transaction represents Barings’ first deal in the Italian residential property market and makes it one of the first major real estate companies to invest in the country’s emerging BTR market.
Barings will redevelop the current disused office and industrial complex into a c. 9,500 sq m Grade A BTR scheme of 170 units, with completion expected during 2024. The scheme will feature strong environmental credentials, targeting a LEED Gold certification and net zero carbon emissions, as well as social amenities and facilities.
The development is located in the “Bovisa” district, northern Milan, a residential and university neighbourhood in Italy’s financial capital that is undergoing a major regeneration. The scheme will benefit from the nearby Milano Bovisa train station and the subway at Dergano station, with the city centre, central Milan railway stations, and Malpensa Airport all within 30 minutes distance.
Marco Corti, Managing Director and Head of Italy Real Estate at Barings, said: “This off-market acquisition reflects the strength of Barings’ local knowledge. The Grade A build-to-rent development, which will target excellent ESG credentials and benefit from the regeneration of the wider neighbourhood, will make it a highly desirable place to live. With low unemployment and one of the highest housing supply-demand imbalances in Europe, investing in quality, much-needed new homes in Milan is very attractive and makes this an even more compelling addition to BREEVA II’s portfolio in Italy.”
Source : Company