Catella Real Estate AG and Orange IM acquire for "Catella Parken Europa" an underground car park with 332 parking spaces in the city center of Milan.

The Largo Corsia dei Servi underground parking garage is located near the heart of Milan’s historic center, right between the main shopping street, Corso Vittorio Emanuele II, and the office and shopping street, Corso Europa. The city’s main attractions, such as the famous Piazza Duomo with Milan Cathedral, La Scala, and the Galleria Vittorio Emanuele, are located close to the Largo Corsia dei Servi underground parking garage, as are the University, the Corso Vittorio Emanuele II pedestrian zone, and the “Quadrilatero della Moda,” the world-famous luxury fashion district. In addition to culture and diverse shopping opportunities, the Largo Corsia dei Servi neighborhood attracts visitors with its numerous street cafés, restaurants, and hotels.

The Largo Corsia dei Servi parking garage was built in 1973 and consists of 8 underground levels with a total of 332 parking spaces. Together with our long-term tenant APCOA, the parking garage will be modernized in the coming period to bring it up to modern standards and align it with the quality of the facilities it serves.

The buyer was advised by DLA Piper (legal due diligence), PDC Partner (tax due diligence), BEAR PM (technical due diligence DD) and BNP Real Estate Advisory Italy S.p.A. (acquisition broker). 
"We are delighted, together with our experienced partners Orange Investment Managers, to make another purchase in one of Europe's top metropolises," comments Axel Bertram, Portfolio Management Catella Parken Europa, on the current acquisition. "The location in the historic center of Milan within a short distance to historic buildings, museums, galleries and shopping facilities makes the Largo Corsia dei Servi parking garage particularly attractive. Through the upcoming modernization work, the car park will be up to the latest technical standards together, thus ensuring a stable cash flow for the fund's investors in the long term. Car parks like this will play an increasingly important role in urban mobility in the future, due to a focus on reducing on-street parking and channeling car mobility in cities, and are particularly suitable for investors who are looking for an "infrastructure-related" investment with a balanced risk-return profile in the current economic situation. Frenky Prins, Investment Manager at Orange Investment Managers, is also very pleased with the purchase: "This parking lot will play an important role in the urban mobility of Milan. After our first parking lot investment on the edge of the historic center of Milan, the Largo Corsia dei Servi car park serves the area closer to the center of Milan and forms a good extension to our portfolio.”

[Embed Lead Magnet]

Check out our other blogs