Cromwell E-Reit secures 50% pre-leasing commitment for Milan office redevelopment

CROMWELL European Real Estate Investment Trust (Cromwell E-Reit) has secured an unconditional leasing commitment for about 50 per cent of lettable area at its Via Nervesa 21 office redevelopment in Milan, Italy. This comes with a long lease term and at a “competitive” market rent rate for about 4,350 square metres (sq m) of space, said the manager on Friday (Mar 24).

While the new tenant-customer was not named, it was described by the manager’s chief executive Simon Garing as a major communications industry leader with over 8,000 staff, and whose market capitalisation exceeds 40 billion euros (S$57.5 billion).

The tenant-customer also has plans to design and invest substantially in its future workplace at Via Nervesa 21, as indicated by Cromwell E-Reit’s manager. “The high profile and commitment of our anchor tenant-customer validates our vision for the site. We are confident Via Nervesa 21 will attract further significant interest for its remaining space,” commented Garing.

The manager said construction for Via Nervesa 21 is on track for completion by end-December, with tenant-customers expected to move in from Q1 2024.

It will offer 10,000 sq m of Grade A office space, amenities such as 5,300 sq m of “green-leisure space” and 230 parking spaces with six electric vehicle charging points.

Units of Cromwell E-Reit ended Thursday 1 euro cent or 0.6 per cent higher at 1.58 euros.