M&G Real Estate has bought a city centre retail unit in Milan.
The 40,310 sq ft asset, owned by its developer, Italian firm PRIA spA, is under development and situated at the junction of Via Torino and Via Della Palla, one of the prime commercial locations in Milan’s city centre (pictured).
Expected to be open for business later in the spring, the unit will become one of the largest and most prominent shops in central Milan.
Teddy SpA, a leading European fashion retailer, has signed two leases and will use the property to house its new headquarters, from which it will operate flagship stores under its Terranova and Calliope brands.
Pietro Croce of PRIA SpA said: “This deal shows how prime, high-quality developments in Italy can attract international players both on the leasing side and the investment side. We are pleased to feel renewed interest in our market.”
M&G Real Estate was unrepresented. PRIA SpA was advised by London-based Property Capital Partners Europe.
