US private equity firm Värde Partners is believed to have appointed Imi Intesa Sanpaolo as advisors on the sale of its interest in the former Trotto San Siro development site in Milan.
Market sources say that Värde, which owns the 45,000-m2 site together with local developer Borio Mangiarotti, also partly owned by Värde, is looking for another investor in the project, which encompasses a total of 600 apartments for a total planned investment of €200 mln.
The former Trotto San Siro covers a total of 145,000 m2 with part of it being developed by Borio Mangiarotti and Värde, and the remaining part (100,000 m2) being developed into new affordable housing by US private developer-investor Hines. Hines bought its stake last year through the Invictur fund managed by Prelios sgr.
The news was first reported by Italian paper Milano Finanza.
Värde and Borio are also together in the development of the major SeiMilano site encompassing 300,000 m2 to the south-west of Milan. Earlier this year the two owners sold the second residential lot of SeiMilan which consists of 53,000 m2 of multifamily rental apartments to Invesco Real Estate for around €155 mln.
The deal is believed to be the first BTR investment made by Invesco Real Estate in Italy. It was made on behalf of the investor's new European living fund in a Joint venture with Nordrheinische Ärzteversorgung.