Capreon has acquired a development site located viale Jenner 20 (J20) on the north side of the inner ring of Milan. It is the first acquisition completed by Capreon’s new joint venture (JV) with Finanziaria Immobiliare D’Este (FIDE), a Milanese family-owned holding, development and asset management company. The JV seeks to identify opportunities to regenerate metropolitan Milan in response to the strong demand for Class A residential units in the city. This includes prioritising ESG considerations to deliver energy-efficient, modern and high-quality residences.
At J20, Capreon will create 40 high specification apartments and commercial space spanning the circa 4,200m² property. Works are expected to commence early in 2023. The JV with FIDE is Capreon’s first such partnership in continental Europe aimed at the residential asset class. Together, the partners will target to deliver units with a Gross Development Value (GDV) of €250-500m over the course of the partnership.
Raphael Noé at Capreon said: “We are pleased to work with FIDE and complete this first transaction for J20. We look forward to commencing the property’s redevelopment while exploring further opportunities presented by the Milanese residential market.”
Leopoldo Caciolli at Capreon commented: “We strongly believe in the Italian market, especially in Milan’s residential sector. Teaming up with a local, forward-thinking and experienced company like FIDE, which shares the Noé Group values, is extremely important for this strategy’s success. J20’s acquisition is a great way to start this partnership and we look forward to collaborating on many more projects together.”
Paolo Malesci at FIDE said: “We are pleased to begin this new journey with Capreon, a strategic international partner that shares the same investment ethics and principles of Finanziaria Immobiliare D’Este. The dynamism of the partnership is going to be one of the keys in order to succeed in the strong competitive environment that we find today.”
