Cromwell European Reit bags at least 50% pre-leasing commitment for Italy office

If the project remains on course, completion will be reached by December 2023.

Singapore REIT Cromwell European Real Estate Investment Trust (CEREIT) obtained an unconditional leasing commitment of about 50% of the lettable area of its Via Nervesa 21 Grade-A office redevelopment in Milan, Italy.

The commitment was acquired by a tenant-customer from a leading major communications company and will get a long lease term in a competitive market rent rate for an estimated 4,350 sqm.

Located in Porta Romana, Vie Nervesa 21, the edifice was reconstructed to the highest grade ESG certification standards LEED Platinum and WELL Gold. Presently, the developers recycled about 95% of the pre-existing materials.

Additional features of the site are four external elevators, a 5,300 sqm greenspace, bicycle facilities, 230 parking lots with six electric vehicle charging stations, exhibition spaces and an urban gardening area.

The project hopes to fill the redeveloped office with tenants by the first three months of 2024. CEREIT said if construction were to remain on track, the project should be completed by end of this year.