Patron, Bluestone and FREO invest in Milan resi scheme

Patron Capital, together with Bluestone, and FREO Group, has agreed to the acquisition of a development site southeast of Milan, with plans to deliver an 18,000-square-meter (193,750-square-foot) complex of 200 apartments.

Located in Via Salomone 77, the project is on the site of an abandoned building that was once occupied by the Ricordi publishing company and has a gross development value of €75 million ($79.8 million). It will include garages and cellar space for building residents and will contribute to the regeneration of the local area. Construction work is due to start in 2024, after the receipt of the building permit, at which point the acquisition will complete. Asti Architetti already has been appointed for the project design.

This acquisition is the third transaction for the partnership, which aims to invest about €250 million ($266 million) in the acquisition and development of residential projects in Milan and follows the acquisitions of two sites in