With a inhabitants of round 1.4 million, Milan is Italy’s second-largest metropolis and the nation’s main cultural, media, commerce truthful and trend metropolis. Because the seat of the Italian inventory trade, the college metropolis is a global monetary middle and attracts a number of million vacationers a 12 months with its quite a few traditionally vital buildings and its various artwork treasures in addition to the quite a few engaging purchasing alternatives. The metropolitan area of Milan, with an space of 1,575 km² and a inhabitants of round 3.3 million, types Italy’s largest conurbation. Due to its handy location within the Po Valley in northern Italy, it’s a hub of the rail and freeway community and Italy’s second-largest aviation hub with three worldwide airports.
The underground automobile park Largo Corsia dei Servi is positioned within the coronary heart of the historic middle of Milan, proper between the principle purchasing avenue Corso Vittorio Emanuele II and the workplace and purchasing avenue Corso Europa. The principle sights of town, such because the well-known Piazza Duomo with the Milan Cathedral, the Milan Scala and the Galleria Vittorio Emanuele are just some meters away from the underground automobile park Largo Corsia dei Servi, in addition to the College, the pedestrian space Corso Vittorio Emanuele II and the “Quadrilatero della Moda”, the world well-known luxurious trend district. Along with tradition and various purchasing alternatives, the neighborhood of Largo Corsia dei Servi attracts guests with quite a few avenue cafes, eating places and resorts.
The Largo Corsia dei Servi parking storage was in-built 1973 and consists of 8 underground flooring with a complete of 332 parking areas. Along with our long run tenant APCOA, the parking zone shall be modernized within the coming interval to adapt it to fashionable necessities and produce it consistent with the standard of the facilities it serves.
APCOA PARKING Group is the main European parking operator with over 50 years of business experience. At the moment, the corporate manages over 1.8 million parking at round 12,000 places throughout all sectors in 13 European international locations. Since 2021, the group is reworking its automobile parks into City Hubs, offering the bodily and digital infrastructure for mobility, logistics, e-charging, and technology-based companies.
Catella Actual Property AG and Orange Funding Managers have been suggested on the acquisition by DLA Piper (authorized due diligence), PDC Accomplice (tax due diligence), BEAR PM (technical due diligence DD) and BNP Actual Property Advisory Italy S.p.A. (acquisition dealer).
“After we not too long ago acquired the 2 underground automobile parks Ave. Kleber and Marché Saint Germain within the coronary heart of Paris for Catella Parken Europa, we are actually delighted, along with our skilled companions Orange Funding Managers, to make one other buy in considered one of Europe’s prime metropolises,” feedback Axel Bertram, Portfolio Administration Catella Parken Europa, on the present acquisition. “The situation within the historic middle of Milan inside a brief distance to historic buildings, museums, galleries and purchasing amenities makes the Largo Corsia dei Servi parking storage notably engaging. Via the upcoming modernization work, the automobile park shall be as much as the newest technical requirements collectively, thus guaranteeing a secure money stream for the fund’s buyers in the long run. Automotive parks like it will play an more and more essential position in city mobility sooner or later, as a consequence of a give attention to lowering on-street parking and channeling automobile mobility in cities, and are notably appropriate for buyers who’re on the lookout for an “infrastructure-related” funding with a balanced risk-return profile within the present financial scenario. Frenky Prins, Funding Supervisor at Orange Funding Managers, can also be more than happy with the acquisition: “Like the 2 acquisitions in Paris, this parking zone will play an essential position within the city mobility of Milan. After our first parking zone funding on the sting of the historic middle of Milan, the Largo Corsia dei Servi automobile park serves the world nearer to the middle of Milan and types extension to our portfolio.”
In regards to the “Catella Parken Europa” fund
The open-ended actual property particular fund “Catella Parken Europa” (AIF within the sense of §§ 284, 230 ff. KAGB) is a product of Catella Actual Property AG in cooperation with Orange Funding Managers (www.orangeim.nl). As a accomplice skilled within the asset class “parking”, Orange Funding Managers acts in an advisory capability within the areas of acquisitions, portfolio and asset administration, whereas Catella is liable for additional fund administration, in addition to fund elevating, accounting and fund administration.
Notes:
The funding provide “Catella Parken Europa” introduced right here is aimed completely at semi-professional {and professional} buyers throughout the that means of the German Funding Code (KAGB). It’s an entrepreneurial funding with long-term dedication, which is related to dangers. Buyers present the funding firm with fairness capital, which could be consumed by losses. The funding can solely be traded to a restricted extent. There’s a danger that it can’t be offered. Future efficiency is topic to taxation, which relies on the private scenario of the respective investor and should change sooner or later. There are additional dangers that are defined within the data for semi-professional {and professional} buyers pursuant to Part 307 (1) and (2) of the German Funding Code (KAGB); these can be found from Catella Actual Property AG, Alter Hof 5, 80331 Munich. Earlier than subscribing to a semi-professional investor, Catella Actual Property AG or the appointed distributor will fulfill itself in accordance with the statutory provisions that the semi-professional investor is able to perceive the dangers related to this funding.
About Catella Actual Property AG
Catella Actual Property AG (CREAG), based in January 2007 and headquartered in Munich, is engaged within the administration of actual property funding funds in addition to in offering recommendation on investing in actual property.
CREAG is a licensed capital administration firm (KVG) beneath German funding legislation (KAGB). The aim of the corporate is the conception, improvement and administration of open-ended actual property funding funds primarily based on the experience and excellent market place of the Catella Group. CREAG presently manages property of EUR 7.7 billion in 20 actual property funds (as of September 30, 2022).
For additional data please contact:
Catella Actual Property AG
Julia Stübler
Advertising & PR Supervisor
T: (0)89 189 16 65 0
F: (0)89 189 16 65 466
M: +49 (0)152 389 228 65
Additional data will also be discovered on the web site at www.catella.com/immobilienfonds
