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Sign in Sign up for a FREE subscriptionCOIMA acquires Milan retail building in Piazza XXV Aprile
COIMA SGR has paid €60 million ($67 million) for a 55,000-square-foot retail building in Piazza XXV Aprile in Milan in an effort to expand Porta Nuova’s high-street retail offering.
Subsequently, COIMA has signed a 21-year lease agreement with seller Eataly Real Estate for the retail spaces of the building.
After the acquisition, the new retail area will run from Piazza Lina Bo Bardi to Piazza XXV Aprile throughout Piazza Gae Aulenti. Over the next three years, the number of brands present will double to about 90, with the total area of premier retail space growing from 215,000 square feet to 323,000 square feet.
“This investment will be transformational for Porta Nuova’s retail and hospitality offering, which will benefit from an increase in footfall from 10 million to over 15 million by 2025,” said Manfredi Catella, founder and CEO of COIMA. “By working with Eataly, a world-famous Italian company, we are staying true to Porta Nuova’s Italian root
