Real estate firm Hines has announced plans to build 1,400 new sustainable rental apartments, in partnership with PGGM, the Dutch pension fund manager.
These apartments will be built in the Milano Lambrate, Navigli and Bocconi areas of Milan, Italy.
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The residential units will be aimed at several groups including young professionals, couples, families with children, and seniors.
Besides adhering to international ESG credentials, these projects will feature gyms, coworking, and communal spaces for the well-being of residents and the local communities.
The projects feature an urban regeneration plan in the heart of Lambrate and two real estate portfolios in Milan’s southern quadrant between Navigli and Porta Romana.
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Hines is serving as the developer and co-investor for the projects.
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By GlobalDataThe Milano Lambrate project will feature 400 residential units. This project will see revival of more than 40,000m2 of space that has been derelict for more than a decade.
The development will include eight new buildings with 400 residential units alongside a public park with facilities spanning 20,000m2.
This investment, which is made by the “Milan Living Fund BTR 2” alternative real estate fund managed by Savills Investment Management SGR, will lead to the wider urban regeneration programme of Milan’s Lambrate district.
The Navigli – Porta Romana project will feature 450 residential units and offices. This investment was secured through the newly established “Milan Living Fund BTR 1,” managed by Savills Investment Management SGR S.p.A., and features five properties situated between the Navigli area and Porta Romana in Via Balduccio da Pisa 7, Via Carlo Bazzi 51, Via Pestalozzi 11, Via Ettore Ponti 8 and Viale Richard 1.
The areas cover a total of more than 40,000m2. The initial four buildings will be rebuilt from scratch and stay residential, while the Viale Richard skyscraper will see a large-scale transformation into a mixed-use building with offices on the lower floors and apartments on the remaining floors.
The Bocconi Area project will feature 550 residential units. Hines is investing along with the Milan Living Fund I managed by Antirion SGR in a portfolio of properties located in Via Lampedusa, 11/A – 13, in the Bocconi area.
This acquired portfolio features nine buildings that are partly occupied by offices.
The properties will be turned into 550 build-to-rent units and will be located in a historical residential housing area with several and connections to the city centre.
Hines is intending to create a green area spanning over 20,000m2 with 150 trees across the perimeter of the nine buildings.
There would be an extensive running track bordering the entire area to cut down noise from the surrounding city.
With these projects, the investments made by Hines in Milan in the residential sector rise to more than €2bn.
Milan’s population is expected to grow by 8.3% between 2020 and 2030.
Hines Italy senior managing director and country head Mario Abbadessa said: “Today, over 70% of young people between 18 and 35 are looking for a home to rent in Milan and it is essential to respond to this ever-changing demand. The finalization of these investments represent a step forward on our journey of expansion and diversification into the living sector in Milan.
PGGM private real estate senior director Tinka Kleine said: “The opportunity to build a residential portfolio of 1,400 units in Milan is a great addition to our portfolio with its focus on the mid-market rental segment. The expertise of Hines and our shared ESG ambitions create an excellent base to meet our financial and sustainability targets.”
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Image: The Milano Lambrate project will feature 400 residential units. , Italy. Credit: Hines.
