Cassa Depositi e Prestiti has sold the former Municipal Theater of Florence. The buyer is a joint venture between the real estate investment companies Blue Noble and Hines, who have invested in the real estate fund "Future Livingmanaged by Savills Investment Management Sgr.
According to some press rumors, the value of the operation (financed by Bnp Paribas) is equal to 25 million euro, to which they would add another 75 million for the conversion works of the building into a structure that will house apartments, but also common areas, shops, a gym and car parks. Part of the new homes will be sold, while others will be rented out "at affordable prices", reads the note from the CDP.
The transfer was carried out by Cass through the subsidiary Cdp Investimenti Sgr, which in turn managed the Theater through the reserved closed-end alternative real estate investment fund “FIV – Fondo Investimenti per la Valorizzazione”.
The property is accessed from Corso Italia, in the heart of Florence. The operation ended after several months of negotiation which culminated on 6 February in the new urban planning agreement with the Municipality of Florence, which will launch an investment plan consistent with the investment strategy of the two companies.
The future residential complex will be built following the highest international standards of sustainability and energy efficiency, with the aim of having one of the first properties with zero CO2 emissions locally. Work is expected to start in mid-2020 and be completed by the end of 2022.
"The disposal of the former Teatro Comunale is emblematic of CDP's mission in the real estate sector, namely that of building a bridge between the public sector and the market - explains Marco Doglio, CEO of Cdp Investimenti Sgr - The operation in fact saw Cdp Investimenti Sgr acquire the building complex from public assets, finalize its urban transformation by proposing to local authorities a new project for the future of the property and finally make the investment attractive for Italian and international investors".
