CBRE Global Investors, on behalf of its clients, has acquired Piazza Duomo 25, Milan. The seller was Sviluppo Immobili Milano Centro, a company belonging to the Real Estate Group headed by Giuseppe Statuto.
The 9,088 m² asset is a mixed use real estate property that was previously a hotel and has been converted into retail and offices. The retail element consists of approximately 4,200 m² (ground floor to third floor) and is let to H&M on a 22 year lease. This is H&M’s flagship store in Milan and the second largest in Italy. The remaining 4,888 m² (fourth to seventh floor) is office space which is currently vacant, and will undergo repositioning under the ownership of CBRE Global Investors’ clients.
This exceptional and unique property is located in a world famous location, Piazza Duomo, the main square of Milan. It is also adjacent to Milan’s world heritage cathedral. It is situated between the entrance of Galleria Vittorio Emanuele, the first shopping mall in Europe built in the 19th century and one of the Milan’s major tourist attractions, and Corso Vittorio Emanuele, the main mass market street in Italy.
Sandro Campora, Country Manager Italy, CBRE Global Investors commented: “This asset is a truly magnificent building and is an excellent example of classic 19th century architecture. We have secure income with a quality tenant, H&M, and following our plan to restore floor four to seven, we will be looking for tenants of equal calibre to occupy the office space.”
Alberico Radice Fossati, Transactions Manager Italy, CBRE Global Investors added: “We secured this asset in an off-market deal and it is a rare opportunity to acquire a historical building in the best location in Milan. This is the first entry into Italy for these clients and we believe that this is an exceptional asset to add to the existing portfolio.”
CBRE Global Investors were advised by CBRE Italy, Chiomenti, Deloitte and Ramboll.
