Global real estate company Hines and Dutch pension fund manager PGGM will deliver 100 apartments totaling 1,500 new homes as part of a redevelopment project in Milan, Italy.
The investment was finalised through the Milan Living Fund I managed by Colliers Global Investors Italy SGR.
Located in Via Lampedusa in the Bocconi District, the asset is currently a hotel occupied by Quark Due to be redeveloped by the end of 2025.
Targeting young professionals and couples, each home will have a spacious covered terrace or a balcony.
The ten properties will feature large windows with natural light, substantial greenery, a 1,200 m2 rooftop providing sweeping city views and food and beverage facilities, in addition to 25,000 m2 of green spaces including parks.
Mario Abbadessa, senior managing director and country head of Hines in Italy, said: ‘The campus concept is becoming increasingly central to our strategy across a range of sectors including residential, student housing, and offices. We believe that social relations, sharing spaces, and exchanging ideas are the roots for building sustainable cities of the future and we will continue to pursue change of use projects where it makes sense to do.’
Amenities include a 500 m2 gym, a 200 m2 co-working area, an e-commerce locker area, and common areas for meeting and socializing.
The project aims to achieve LEED Gold certification through energy performance and a zero-carbon emissions target.
This is the tenth property in the Hines/PGGM portfolio of living investments in Via Lampedusa that will comprise of 650 new apartments, forming a residential complex contributing to the urban renewal of the neighborhood.
In total, Hines Italy is targeting the delivery of 5,000 new homes by 2025 in Italy.