London luxury real estate company Trophaeum ha purchased a mixed-use development scheme in Milan for €34.5 mln from private Italian development company Mascagni Developers.
The period building was constructed in 1935 and currently has permission for offices and residential use. According to Trophaeum, there is considerable interest from co-working concepts and blue chip occupiers, but the investor is also considering creating a luxury lifestyle hotel.
'We are thrilled with the acquisition of Via Mascagni 6. It represents a significant milestone for London-based Trophaeum, adding an international transformation project to its growing portfolio,' said Matt Farrell, managing director of Trophaeum.
'This investment, in one of Italy’s prime destinations, is a natural fit for us and builds on our track record in bringing top quality occupiers to new locations. The impressive property is conveniently located in the heart of Milan’s integral retail districts,' Farrell added.
'Much like Albemarle Street, we will work closely with future occupiers to ensure that Via Mascagni 6 will reinvigorate the area into a destination in itself.'
Trophaeum is an asset management company which owns the majority of Albemarle Street in London’s Mayfair. The company said that the Milan investment marked a significant milestone for the company, expanding its international portfolio.