Doughty Hanson & Co Real Estate, one of the largest and most successful
European real estate fund managers, has signed a pre-let, through a
special purpose vehicle, with Zurich Insurance Company Rappresentanza
Generale per l'Italia (Zurich Italia) to build a new 28,500 square
metres headquarters building for its Maciachini development in Milan.
Zurich Group, one of the largest financial services providers in the world,
analysed 22 potential sites for its new Italian headquarters before
choosing Maciachini, a development managed by Europa Risorse Srl.
It is the latest success for Doughty Hanson and Europa Risorse's Solutions
for Corporates programme in Italy, which matches needs with
opportunities to create value for owners and users of real estate. The
Solutions for Corporates programme has provided new purpose-built
office space in Italy for companies including L' Oréal Italia, Marsh
and Unicredito Italiano and has acquired surplus properties from
Alcatel in Italy and Holtzbrinck and Grundig in Germany.
John Howard, Head of Doughty Hanson & Co Real Estate, said: ”Maciachini
is setting the standard for first-class office developments in Milan
and we are delighted to have attracted Zurich as a tenant. This is one
of the most important leasing transactions in Italy the last five
years, both for its size and the fact that it is a build-to-suit
project. It is another endorsement of our Solutions for Corporates
programme, which combines our real estate expertise, capital and
creative ideas to meet most occupancy requirements.”
Francesco La Gioia, CEO of Zurich Italia, said: “This new, high-quality
headquarters building projects a positive image for Zurich. The
build-to-suit office, situated in a strategic location in Milan with
good transport links, adds real value for our employees and
Fabio Paggiaro, project manager for Zurich Italia at Maciachini, said: “Building a new headquarters building to
meet our specific needs was a complex process. We worked hard with
Europa Risorse to achieve a positive outcome and we hope to continue
this successful relationship going forward.”
Doughty Hanson & Co Real Estate has a strong track record in Italy, where it has
been active since 1999, and many of the Fund's investments have
involved work with corporates.
Earlier this year, the firm closed its second real estate fund, Doughty Hanson & Co European
Real Estate Fund II, with commitments of €560 million. The Fund has the
potential to invest over €2 billion.
Doughty Hanson & Co European Real Estate Fund II has already made two investments in Italy
for high-quality residential developments at sites in Rome, through Via
Cavour Srl, and in Brescia, Italy.
Doughty Hanson & Co Real Estate and Europa Risorse are also completing Orti Antichi, a
high-quality residential development of 110 apartments in an historical
quarter of Milan.
At Maciachini, a team of professionals from Doughty Hanson & Co Real Estate, Europa Risorse and Zurich Italia
worked together to study the project. The design, which features over
23,000 square metres of office space with a large entrance hall and
several amenities including a restaurant, a conference room for 150
people and a private fitness centre together with terraces, green areas
and underground parking, fully meets Zurich's requirements.
Maciachini is the premier new office location currently under construction in
Milan and includes approximately 95,000 square meters of new buildings
for offices, retail shops, bars, restaurants and cafes, a fitness
centre and secured parking for 1,300 cars. Phase 1 of Maciachini has
now been completed and comprises approximately 27,000 square metres of
new office buildings. Sorin and Montblanc are existing tenants in Phase
1, with Mattel and Universal Music signed as future tenants.
The new headquarters for Zurich Italia will form part of Phase 2.