Italian property company Brioschi Sviluppo Immobiliare said on Monday that the sale of its Milanofiori Nord project to Polis Fondi Immobiliari has fallen through due to changed conditions in the real estate market. Brioschi and its minority partner in the project, Bastogi, had agreed in December to sell Milanofiori Nord to the Polis Fondi-managed closed-end real estate investment fund, Tulipano. Milanofiori Nord consists of a 360,000 m[sup]2[/sup] plot of land already granted building permission for offices, shops, a multiscreen cinema facility, business park, hotel, residential complex and health and fitness club. The project, located in Assago, south of Milan, is said to be worth more than EUR 400mln.
Premium subscriber content – please log in to read more or take a free trial.
