(MILAN) – Hines, the global real estate firm, in partnership with PGGM, the Dutch pension fund manager, continues to expand its residential portfolio with a new change of use redevelopment project to deliver an additional 100 apartments as part of the residential complex of ten properties in Via Lampedusa. This new investment, and tenth asset, was finalized through the Milan Living Fund I managed by Colliers Global Investors Italy SGR. In April this year, Hines, in partnership with PGGM, announced its plans to develop 1,400 new homes across three neighborhoods in Milan. In total, Hines Italy is targeting the delivery of 5,000 new homes by 2025 in Italy across the portfolio of developments that it manages.
Built in the 1990s, the tenth asset is currently a hotel occupied by Quark Due and will be redeveloped into 100 residential apartments marking a conversion from its original use. The 100 apartments are expected to be completed by the end of 2025. Targeting young professionals and couples, the new homes will include a range of amenities comprising a 500-square-meter gym, a 200-square-meter co-working area, an e-commerce locker area, and common areas for meeting and socializing. Each apartment will have a spacious covered terrace or a balcony that can be utilized all year-round as an extension of the living area. Furthermore, large windows flooded with natural light, substantial greenery, and a 1,200 square meter rooftop providing sweeping views of the entire city with food and beverage facilities, alongside dedicated areas for socializing, are the building’s distinctive features.
The project aims to be one of the most significant examples of meeting ESG criteria in Italy with the goal of achieving LEED Gold certification through energy performance and a zero-carbon emissions target. With 25,000 square meters of grounds including parks, green spaces are the cornerstone of the project.
With the addition of this tenth asset, the Hines/PGGM portfolio of living investments in Via Lampedusa plans to comprise a total of 650 new apartments with the intention of creating a residential campus that should contribute to the urban renewal of the neighborhood. The project is distinctive because it promotes a new approach to home with residents living with maximum levels of security and privacy with all services and amenities readily available, just moments away from the city center.
The entire complex in Via Lampedusa aspires to be the first example of a living campus in Milan with ample places where residents and the local community can meet via its substantial green areas, as well as a system of shared services across all the buildings. The ten properties are being designed to meet the needs of different groups of people, including students, young professionals, couples, families with children, middle-aged and senior individuals. Each asset seeks to offer different amenities based on the specific needs of each target group to promote interaction and to develop a heterogeneous and intergenerational community.
“The creation of the first living campus in Milan is an important goal for us, as we have been investing and developing in the city for years to make it an ever-more innovative and attractive location,” affirms Mario Abbadessa, senior managing director and country head of Hines in Italy. “The campus concept is becoming increasingly central to our strategy across a range of sectors including residential, student housing, and offices. We believe that social relations, sharing spaces, and exchanging ideas are the roots for building sustainable cities of the future and we will continue to pursue change of use projects where it makes sense to do.
Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 285 cities in 28 countries. Hines oversees investment assets under management valued at approximately $90.3 billion¹. In addition, Hines provides third-party property-level services to 373 properties totaling 114.2 million square feet. Historically, Hines has developed, redeveloped or acquired approximately 1,530 properties, totaling over 511 million square feet. The firm currently has more than 198 developments underway around the world. With extensive experience in investments across the risk spectrum and all property types, and a foundational commitment to ESG, Hines is one of the largest and most-respected real estate organizations in the world.
Since entering Europe in 1991, Hines has grown its European platform to include offices in 17 cities as well as a presence in 60 cities in 14 countries. Hines oversees investment assets under management valued at approximately €24.5 billion and provides third-party property-level services totaling 4.3 million square metres in Europe, in Austria, Czech Republic, Denmark, Finland, France, Germany, Greece, Ireland, Italy, Netherlands, Poland, Spain and the United Kingdom.
Visit www.hines.com for more information.
¹Includes both the global Hines organization as well as RIA AUM as of 31 December 2021