Invesco provides €150m for Milan-based residential project

Future Projections, the joint venture between Borio Mangiarotti and Värde Partners, has finalized an agreement with Invesco Real Estate for the sale and development of the second residential lot of SeiMilano, an urban regeneration project near the Bisceglie metro stop in Milan.

The residential lot acquired by Invesco Real Estate provides for the construction of approximately 650 apartments spread across 11 buildings that will be entirely intended for multifamily rental. Invesco Real Estate is investing €150 million ($182 million) for 53,000 square meters (570,000 square feet) of commercial space within the project. Invesco Real Estate made the investment on behalf of its recently launched European Living Fund and one of the firm’s separate account clients, Nordrheinische Ärzteversorgung.

The development is part of the wider 300,000-square-meter (3.2 million-square-foot) SeiMilano project, generating a new urban landscape that will include 30,000 square meters (32