Milan, October 17, 2024 – Prelios SGR, the Prelios Group asset manager for alternative real estate and security investment funds, has announced the completion of its project for the redevelopment of the property in Via Senato 28, located in an elegant area of central Milan close to the fashion district.
Built in the early 1900s as a private residence, and known initially as Casa Baratti and later as Casa Tosi, the building is an example of Milanese Liberty style architecture, with rococo elements visible in the refined sculptural cement decorations.
The property consists of five storeys and a basement for a GLA of more than 2,500 sq.m and is currently used as offices. The main façade of the “U”-shaped building is on Via Senato, while two side wings overlook a small internal courtyard and garden.
As manager of the Megas Fund, owned 100% by Fondazione Enasarco, whose portfolio includes the Via Senato 28 property, Prelios SGR began the redevelopment in 2020, restructuring the interiors and restoring the architecture of the original exterior to conserve its distinguishing features.
The project, commissioned from the Lombardini22 firm of architects and completed in July 2024, was designed to satisfy modern functional and energy efficiency requirements and obtain LEED Gold and WELL environmental certification, in order to provide sustainable workspaces.
Even before the work was completed, the quality of the redevelopment and the property’s location and importance, together with intensive commercial activity, attracted tenants of premier standing in the fashion business, who have signed two long-term leases to occupy around 70% of the available space. Negotiations are underway with leading businesses for the remaining premises.
The results achieved in terms of leasing confirm not only the value of the asset but also the effectiveness of Prelios SGR’s strategy to promote high-class products on the real estate market, and its skill in refurbishing a historic building for contemporary needs.
Prelios SGR Asset & Development Management Director Nicola Sajeva commented: “We are very proud to have completed this operation in line with the strategy of the Megas Property Fund to valorize and generate income from trophy assets. Milan's Via Senato 28 joins the recently completed property redevelopments on the Galleria Alberto Sordi, Piazza Fiume and Via del Tritone 132 in Rome. In addition to returning a highly prestigious building to the city, the redevelopment will provide the Fund with the benefits of stable long-term leases aligned with current market rents for central Milan. Special thanks go to Fondazione Enasarco for their valuable collaboration in achieving these results.”