Italian developer Borio Mangiarotti and Bain Capital have joined Hines in the Extm urban redevelopment to create 600 apartments in Milan's San Siro area.
The project, which is expected to represent an investment €250 mln, aims to transform an area of 130,000 m2 to build residential units for private sale.
The investment is being made through the Bistrot fund, managed by Natissa SGR, which has acquired the site from Invictus, a fund managed by Prelios SGR and invested by Hines. Borio Mangiarotti, which is partly owned by Bain Capital, has been appointed general contractor.
Hines first invested in the area in 2020 when it bought the 150,000 m2 site from Snaitech.
The area, formerly a racing track and sports complex, has not hosted any sporting events since 2013.
The residential complex will be built within the EXTM urban regeneration project, promoted by Hines as investor and development manager, which will transform the area into a new sustainable neighbourhood, with a mix of functions including 700 new BTR apartments, 50,000 m2 of park and public spaces and 12,000 m2 of educational, sporting and local commercial services.
'We are happy to be able to collaborate with Hines, participating in this important redevelopment project which will lead to the creation of a neighborhood of excellence, unique in the Milanese panorama,' said Edoardo De Albertis, CEO of Borio Mangiarotti.
'We are pleased to participate in the development of “EXTM”, destined to mend and transform the urban fabric of Milan,' added Rafael Coste Campos, head of Real Estate at Bain Capital Special Situations. 'This project will leverage the strengths we have developed over the years: focus on large-scale projects, architectural quality and attention to environmental issues, with the aim of generating a long-term positive impact.'
'The partnership agreement with Borio Mangiarotti represents an important piece for the development of the EXTM – Ex Trotto Milano project, an innovative model of urban development and mending, with a mix of housing solutions, which is aimed at a diversified and intergenerational target, designed to respond to the growing residential demand in Milan,' said Mario Abbadessa, senior managing director & country head of Hines in Italy.