CBRE ITALIA ADVISES CBRE GLOBAL INVESTORS IN THE ACQUISITION OF A BUILDING IN PIAZZA DUOMO, 25 IN MILAN
CBRE Italy – part of CBRE Group, the leading global real estate consultancy firm – has advised CBRE Global Investors – one of the world’s largest real estate investment management firms – in the acquisition of a building located in Milan – Piazza Duomo 25, owned by Sviluppo Immobili Milano Centro, company part of the real estate group led by Giuseppe Statuto.
The asset is unique for its location, next to Milan Cathedral and overlooking Piazza Duomo, the main square of Milan. It is situated between the entrance of one of Milan’s major tourist attractions, Galleria Vittorio Emanuele II – the first shopping mall in Europe, built in the 19th century – and Corso Vittorio Emanuele, the main mass market street in Italy.
With more than 9,000 sq m, the asset, which was home to the legendary Hotel Duomo, was later converted into a mixed-use destination of offices and retail. The property consists of approximately 4,200 sq m of retail space (ground floor to third floor) fully leased to H&M, who has turned it in its flagship store in Milan, and further 4,888 square meters of office space, currently vacant and, which will undergo a repositioning by the new owners.
This is a unique asset not only for its strategic location, in the heart of Milan, but also for its mixed-use destination. Offices and high street in fact represent the two asset class that are currently drawing more attention from investors, both domestic and international. This space is very appealing for high profile tenants from all over the world, who aim to have an iconic office in the financial capital of Italy.