Maghen Capital invests €33m for Milan resi redevelopment

Residential real estate investor Maghen Capital has purchased the Coin headquarters building in Milan's Corso Vercelli for €33 mln. 

Coin HQ acquired by Maghen Capital

The purchased building, currently occupied and owned since 2002 by Italian department store Coin, encompasses six above-ground floors, a basement, and underground parking, totalling approximately 5,000 m2. 
The mixed-use property will be redeveloped into luxury residences with amenities like terraces and parking. 
Michael Meghnagi, CEO of Maghen Capital, commented: "The transaction confirms the strategy aimed at enhancing the real estate assets. Today's operation is in line with the business model that characterizes the group aimed at increasing the value of the investment through the redevelopment into a luxury residential property with large common services, parking, and terraces in response to customer requests and the current market trend in Milan.”
Maghen Capital was advised by LCA Law Firm and Verdi e Associati Law Firm for legal matters, and by SPT Professional and Tax Firm for tax and accounting. The seller was advised by Giliberti Triscornia e Associati on legal matters, Studio Spiniello on accounting and tax, and IT Notai handled the notarial aspects of the transaction.