turin. The changing city: green luxury residences in the former congress center in corso United States

TURIN. “At this moment it takes optimism and an international outlook to move the city and push it not to cry all the time”. It is with this spirit that a new real estate operation is launched that involves historic Piedmontese families involved in the sector and a London-based private equity company. Talking about this turning point is Andrea Tessitore, managing director of Crea.Re Group, a company that invests in real estate trading, development and repositioning operations and focuses on residential and commercial operations on the Turin-Milan axis.

Crea.Re Group, with Zetland Capital, has created the “Gran Torino” fund, a closed-end real estate alternative investment fund managed by FinintvInvestments Sgr, which has acquired the building in corso Stati Uniti 21-23 which will be completely redeveloped. The building will be completely rebuilt to become a new residential building which will take the name of «Palazzo Contemporaneo».

The new building will rise in place of the current building, built in the 70s, which will be demolished and rebuilt. «A first important sign is the establishment of the Gran Torino fund which aims to invest in the main cities of Northern Italy. The purchase of this property will allow for a new development in the city center after many years, ”says Tessitore. It is not the first operation of the fund, which in June 2021 acquired Palazzo Gran Torino in via Roma. In total, these two operations represent an investment of 100 million. Primula Costruzioni, leading general contractor in new constructions, will be involved in the demolition of the current building and the construction of «Palazzo Contemporaneo», while the design work will be entrusted to the architecture and design studio of the Turin architect Fabio Fantolino. Immogroup will be the real estate broker, supported by Tecma Solutions, a leading company in technological solutions and strategic marketing for the new construction market.

In the transaction, K&L Gates and Gianni & Origoni acted as legal advisors to the buyers, while Belvedere Inzaghi & Partners assisted the seller, which is Generali Real Estate SGR. Intesa Sanpaolo, on the other hand, financed the operation through Banca dei Territori.

“We want to bring to the market a project that meets the ESG (Environmental, Social, and Corporate Governance) criteria, above all respect for the environment, but also that has services and characteristics that cannot be done without even in light of that which emerged in the pandemic as large balconies, terraces and shared services », adds Tessitore. The redevelopment project should be completed by the end of 2024. «We are proud to have purchased this building in the center of Turin, confirming our focus on the real estate market in Italy. The residential sector continues to be key for Zetland throughout Europe – comments Ahmed Hamdani, managing partner of Zetland – and we are thrilled to combine our experience of over 10 operations in 4 different countries with the best local partners ». –

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