Owner

Pio Albergo Trivulzio retirement home and hospital.

Private Investor that Acquired/Leased the Asset

Pria Spa, real estate investment and development private company.

Location

The asset is located in Via della Spiga, the most prestigious area of Milan’s historical centre. Parallel to Via Montenapoleone, Via della Spiga is situated within the famous high-class shopping district known as “Quadrilatero della moda”. The area is perfectly served by both surface and underground public means of transport. From this area, all main attractions and monuments of the city can be reached, Piazza Duomo being only 1.2 km away.

Original Destination of Use

The high-value property complex, built in 1600, renovated in the 70s and upgraded in 2004 (outdoors elevator), is located in Via della Spiga, in Milan’s historical centre. The asset of about 1,000 sq.m. features 5 floors above ground and one basement, with shops on the ground floor, offices on the first, second and fifth floor (one unit per floor) and an apartment on the top floor. The complex is in good maintenance conditions.

Acquisition/Lease Procedure

Public tender (starting price: €24.2 million).

Costs

The asset was sold for €37 million (approximately €37,000 per sq.m.). The units above ground floor are vacant (destination of use: office and residential), while shops on the ground floor are leased for €565,443 per year.