Apollo Real Estate has acquired a four-hectare industrial complex, formerly operated by manufacturer Pensotti, in the northern Italian city of Legnano from a Italian private investor. The US investor is teaming up with the Italian Palladium Group in a 80/20 joint venture to redevelop the site north of Milan into 300 residential units. The investment volume will come to EUR 100 mln, including about EUR 80 mln of development costs. Italian bank Intesa San Paolo is financing the deal.
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