Paris-based fund manager Stam Europe is investing some EUR 40 mln in the development of an 11,000-m2 office scheme on Milan's Viale Certosa, Stam Europe's Chief Investment Officer Mathieu Cassinis told PropertyEU in an interview during the Expo Italia Real Estate trade fair. The project represents one of the first speculative developments launched in Italy since the onset of the credit crisis.

The company has mandated real estate services firm Prelios for the management of the project, which was acquired from French car manufacturer Renault back in 2009. The existing building, which previously housed the industrial facilities of Renault, will be demolished in order to allow the construction of a new high-quality multi-tenant scheme. Delivery is expected for the end of 2013.

The property is owned by the Stam RE III fund, which raised equity of EUR 250 mln back in 2007 and is currently fully invested.

Stam Europe manages around EUR 2 bn of properties in France, Italy, Spain, Belgium, Germany and Luxembourg.