A joint venture between Italian property developer Borio Mangiarotti SpA and global alternative investment firm Värde Partners agreed to sell the office component of the SEIMILANO regeneration project in Milan to a real estate fund sponsored by European real estate private equity ﬁrm Orion Capital Managers LLP.
Orion expects to invest more than €100 million to develop more than 30,000 square meters of gross leasable area of grade-A modern office buildings at the project, which also includes about 100,000 square meters of residential area and approximately 10,000 square meters of ancillary retail.
SEIMILANO is one of the largest authorized development projects in Milan, according to a release.
Vitale & Co. Real Estate was the financial adviser and Gianni Origoni Grippo Cappelli & Partners was the legal adviser to the joint venture.
Dentons was the legal adviser to Orion.