Key Takeaways
- • Mi.To Real Estate Fund, promoted by Green Arrow Capital and Crea.Re Advisory, has signed an investment agreement for the Corso Vercelli 22 residential development in Milan's prestigious central district, with a total transaction value of approximately €25 million.
- • The project involves a 24-month conversion of a six-storey office building (4,500 sqm) into high-end residential units, creating approximately 32 residential units plus one retail unit with storage and amenities including parking, a swimming pool, gym, sauna, and advanced home automation systems.
- • The transaction was structured as a real estate securitization under Italian Law No. 130/1999, with Real Estate SPV Project 2410 S.r.l. as the acquisition vehicle and Zenith Global serving as servicer, while Mi.To Fund and promoter Apeiron S.r.l. hold positions in the junior securities classes to finance capital expenditures.
- • The fund targets mid-size residential real estate in Milan and Turin, positioning this Corso Vercelli investment as a core strategic asset in a core market with established demand for premium residential conversion projects.
Summary
Mi.To Real Estate Fund, a vehicle promoted by Green Arrow Capital and Crea.Re Advisory, has committed capital to a residential development redevelopment at Corso Vercelli 22, a landmark location in central Milan. The transaction, valued at approximately €25 million, represents a significant move into Milan's high-end residential conversion market for a fund specializing in mid-size residential projects across Milan and Turin.
The project converts a six-storey office building totaling 4,500 square meters into approximately 32 high-end residential units alongside one ground-floor retail unit with integrated storage facilities. The 24-month development timeline will introduce premium amenities including parking spaces, cellars, swimming pool, gym, sauna, and advanced home automation systems—features typical of the fund's technological differentiation strategy in the residential segment.
The transaction structure leverages Italian real estate securitization framework under Article 7.2 of Law No. 130/1999. The property acquisition vehicle, Real Estate SPV Project 2410 S.r.l., issued two classes of asset-backed securities designed to finance both the property acquisition and capital expenditures for renovation. Zenith Global manages the securitization as servicer, while Apeiron S.r.l.—the project promoter and collaborative partner—serves as asset manager. Both Mi.To Fund and Apeiron maintain exposure through positions in the junior securities classes, aligning incentives with development success and capital efficiency.
The Corso Vercelli investment aligns with the fund's core strategy of targeting premium residential markets in major Italian cities, particularly conversions of office and mixed-use properties into residential units in established, high-demand microlocations. This transaction demonstrates institutional deployment of securitization vehicles for risk-layered real estate development, balancing senior debt structures with equity-like junior positions to optimize returns while managing construction and market execution risk.
The project converts a six-storey office building totaling 4,500 square meters into approximately 32 high-end residential units alongside one ground-floor retail unit with integrated storage facilities. The 24-month development timeline will introduce premium amenities including parking spaces, cellars, swimming pool, gym, sauna, and advanced home automation systems—features typical of the fund's technological differentiation strategy in the residential segment.
The transaction structure leverages Italian real estate securitization framework under Article 7.2 of Law No. 130/1999. The property acquisition vehicle, Real Estate SPV Project 2410 S.r.l., issued two classes of asset-backed securities designed to finance both the property acquisition and capital expenditures for renovation. Zenith Global manages the securitization as servicer, while Apeiron S.r.l.—the project promoter and collaborative partner—serves as asset manager. Both Mi.To Fund and Apeiron maintain exposure through positions in the junior securities classes, aligning incentives with development success and capital efficiency.
The Corso Vercelli investment aligns with the fund's core strategy of targeting premium residential markets in major Italian cities, particularly conversions of office and mixed-use properties into residential units in established, high-demand microlocations. This transaction demonstrates institutional deployment of securitization vehicles for risk-layered real estate development, balancing senior debt structures with equity-like junior positions to optimize returns while managing construction and market execution risk.
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