Proiezioni Future, Joint Venture Between Borio Mangiarotti and Värde Partners, Sells Large Milan Office Development Project within SEIMILANO Regeneration Project to Orion European Real Estate Fund V

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January 16, 2019

Over €100 million total investment

MILAN – Proiezioni Future, joint venture between Borio Mangiarotti, the Milan-based real estate builder and developer, and Värde Partners, the global alternative investment firm, has finalized a sale and construction agreement for a large office development with Orion European Real Estate Fund V, sponsored by Orion Capital Managers. The new development will be located within the SEIMILANO regeneration project in Milan, Italy.

SEIMILANO, the product of a joint venture between Värde and Borio Mangiarotti in late 2017, is one of the largest authorized development projects in Milan and represents a long-term program of requalification of peripheral and semi-abandoned areas.

The master plan has been shaped by Architect Mario Cucinella and includes the development of approximately 100.000 sqm of residential area (including affordable homes), over 30.000 Grade A offices and approximately 10.000 sqm of ancillary retail.

Orion Capital Managers, the second leading international real estate investor to invest in the Project, will take over the development of over 30.000 sqm gross leasable area of Grade A modern office buildings, for a total forecasted investment of over €100 million.

The office buildings will benefit from the proximity to the Metro stop “Bisceglie” and the creation of a new green park, which has a plot size similar to the historical Parco Sempione, to be designed by the globally recognized landscape designer Michel Desvigne.

All investors are committed to pursuing a long-term sustainability agenda through the philosophy of “placemaking” to meet international standards of building energy efficiency as well as a high standard of living and neighbourhood inclusion.

Edoardo De Albertis, CEO of Borio Mangiarotti, said: “We are proud that another leading international investor has decided to invest in SEIMILANO taking over the office component of the Project. Orion will develop a new generation working space that will further enhance the quality of the entire Project.”

Francisco Milone, Partner and Head of European Real Estate at Värde Partners, said: “Värde has a strategic approach to mixed use developments and we believe that Orion’s trackrecord in Italy will be a benefit to SEIMILANO and all stakeholders involved. Having launched this project with a vision to regenerate the area, we are delighted to be making progress on what we believe will be a very desirable community.”

Corrado Trabacchi at Orion Capital Managers, said: “Milan is a key European capital and we are happy to take part in one of the largest regeneration projects of the city. We strongly believe in the creation of a modern concept of working spaces benefiting from high standard residential living, landscaped green park and the 15 minutes Metro distance to the Milan city center.”

Vitale&Co Real Estate acted as financial advisor and Gianni, Origoni, Grippo, Cappelli & Partners served as legal advisor to Proiezioni Future. Dentons served as legal advisor to Orion Capital Managers.

About Borio Mangiarotti
Established in 1920, Borio Mangiarotti S.p.a. has operated for 98 consecutive years. The projects we have built and the development of our company’s staff bear witness to this important legacy. We are a historic company in Milan, with the flexibility and advantages of a young business. We are qualified territorial professionals able to interpret changes in society and the needs of our clients. We give shape to the dreams of people. Our company builds residences, commercial spaces, infrastructures, services for the public. Our company’s calling card is its past. And its challenge lies in the future.

About Orion Capital Managers
Orion Capital Managers, LLP (“Orion”) is a European real estate private equity firm founded in 1999. We specialise in European commercial real estate investment management on behalf of major investors from around the world. The firm is dedicated to consistently deliver performance to its longstanding investor partners. Orion invests in the full spectrum of commercial real estate in Europe, including direct assets, listed companies, private companies, and real estate debt. Orion has offices in London, Madrid, Milan and Paris.

About Värde Partners
Värde Partners is a $14 billion global alternative investment firm that employs a value-based approach to investing across a broad array of geographies, segments and asset types, including corporate and traded credit, real estate, mortgages, specialty finance, real assets and infrastructure. The firm sponsors and manages a family of private investment funds with a global investor base that includes foundations and endowments, pension plans, insurance companies, other institutional investors and private clients. Now in its third decade, Värde employs more than 300 people globally with regional headquarters in Minneapolis, London and Singapore. Värde has invested over $1.5 billion in Italy over the past 10 years and established its Milan office in 2014.