The Aareal Italy Fund has pre-let the Arconati office tower in the centre of Milan to the oil company Total. After a substantial redevelopment of the building Total will base its new headquarters there. This is one of the largest letting transactions in Italy this year.
The Aareal Italy Fund acquired the former ABB building in December 2002. Aareal
Asset Management will complete the redevelopment in August of this year. On completion, the project will provide a total of 11,747 square metres of office space, of which Total has now let 6,730 square metres.
Total’s general management puts their decision down to the quality and specification of the Arconati project. “Via Arconati” has always been an optimal location in Milan. Aareal Asset Management has provided a redevelopment which we think will dovetail exactly with Total’s activities in Italy”.
Source: Aareal Bank