The Social & Public Initiatives Fund quickens the pace on the project for converting and developing the Galleria Manzoni in Milan
PRELIOS SGR AND STAM EUROPE SIGN A PARTNERSHIP AGREEMENT FOR THE DEVELOPMENT OF PRESTIGIOUS PREMISES IN MILAN
Milan - 26 January 2016 - Prelios SGR - a real estate fund management company in the Prelios SpA Group, with 3.4 billion in assets under management (as at 30 June 2015) - and STAM Europe, a European real estate investment management company, have signed an asset management agreement for joint management in the development of Galleria Manzoni, the most significant asset within the Social & Public Initiatives Fund, already managed by Prelios SGR.
After agreeing the project with the Municipal Council and signing the Service Agreement, Prelios SGR will relaunch this well-known society centrepiece in Milan thanks to the partnership with the French operator that manages about EUR 1 billion of assets including 450 million in Italy, with the aim of reaching 700 million by the end of 2016. The objective of the fund, managed by Alessandro Marrese, the fund manager of Prelios SGR, is to turn Galleria Manzoni into the front entrance to the fashion district, returning it to its former glory and without sacrificing its past roots including a space dedicated to the history of the cinema.
Prelios SGR and Stam Europe are already working on selecting the future tenants and planning the right product mix before getting the work underway. The asset development project covering a gross surface area of about 10,000 square metres, is expected to be completed in two years from commencement and includes the realisation of a boutique hotel, a restaurant and retail premises.
“As from today, the Social & Public Initiatives Fund can also count on the expertise of STAM Europe, operator with one of the most significant track records in the High Street Retail sector.” These the words of Paolo Scordino, CEO of Prelios SGR, who explained that: “This agreement renews the partnership between Prelios and one of the most active international players in Italy with proven experience in other major transactions. Here the collaboration is sealed for the first time in a true partnership.”
“Galleria Manzoni is a trophy asset of international importance in the Milan area,” commented Mathieu Cassinis, Representative of STAM Europe in Italy, “This partnership strengthens a strategic relationship with Prelios: we can provide our experience in the High Street Retail sector and help to give new life to a prestigious location of historic and symbolic importance.”
Prelios SGR - www.preliossgr.com - with 28 real estate funds under management and EUR 3.4 billion of Assets under Management (as at 30 June 2015), is the fund management company of Prelios Group, one of the leading real estate management and service companies in Europe listed on the Italian Stock Exchange since 2002, and with operations in Italy, Germany and Poland.
STAM Europe -www.stam-europe.com - is an independent investment and asset management company, created in 1997. It operates with an integrated team of 21 experienced professionals with a strong technical background in finance, legal affairs and real estate. Since its foundation, the company has invested more than EUR 3 billion in the major real estate investment categories, covering the entire range of investment profiles, according to the risk-return ratio. STAM Europe manages property investments with high added value on behalf of investors and international partners with discretionary mandates, closed-end funds, as well as with separate accounting.