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Mark transforms derelict Milan centre into mixed-use asset

Real estate investment manager Mark is repurposing the former Corti di Baires shopping precinct in Milan, which was derelict for five years, into a mixed-use retail and residential scheme.

The project, located on the corner of Corso Buenos Aires and Via Petrella, will now provide six large shops totalling 8,000 sq m and 166 apartments.

Retail tenants so far include Nike, Maison du Monde, Esselunga and Decathlon.

Meyer Bergman, forerunner of Mark, acquired the site in 2015. Real estate asset manager Kryalos was appointed as the project’s asset and development manager and M&G Investments provided a €117.5 million loan to refinance and reposition the asset. Construction was carried out throughout the pandemic and is designed to high environmental and sustainability standards, including ground source heat pumps for both heating and cooling and photo-voltaic panels on the roof.

“When planning Corso Buenos Aires 59, we carefully considered the location and observed the lack of large flexible retail units on this, one of the most important retail streets in Milan,” said Peter Evans, senior vice president at Mark. “We set out to redefine the prime retail pitch on Corso Buenos Aires and with the tenants we have contracted with, we believe we potentially are developing one of the best high street retail schemes to open in Italy in years.”