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Symbiosis project presentation – Update
3
Symbiosis
From Ancient Greek συμβίωσις (sumbiōsis), “living together”
BS’s vision: unique proposal for the market through a mix of quality, innovation, history, culture and made in Italy
Being within an integrated business community
Urban regeneration
Integrated planning in a wider “Urban Project”
Innovative business pole, but complementary to
the existing ones
New development model, in full compliance
with the existing environment
A prototype for the city
The origination of something new
In a brand new location, from brownfield to
modern office hub
Italy is a centre of many excellences, and Symbiosis
will bet on this heritage developing a project focused
on entrepreneurship, business initiative and dynamism
Planting the seeds of something sizeable
THINK
POSITIVE OUTSIDE THE BOX
BIG
Symbiosis project presentation – Update
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Milan market
Investment activity focused on the very best product
Offices are the favorite asset, properties with good tenant
and well located can be transacted at attractive prices
Prime yields remain stable
Porta Romana / Ripamonti area
Catchment population of ~120,000 inhabitants
Occupier base:
77% residential
12% retail
5% offices
6% other
Major “Grade A” sites and business districts:
Prada HQ: 16,000sqm
Milanofiori Nord: 75,000sqm (only Grade A)
Centro Leoni: 52,000sqm
Sieroterapeutico: 100,000sqm
Preferred location for larger users (>4,000sqm)
Lease transactions have been limited in the last months
The area has momentum and is viewed favorably by the
broader market
Milan: net initial prime office yields1
1Source CBRE
3%
6%
9%
Q1 2
004
Q1 2
005
Q1 2
006
Q1 2
007
Q1 2
008
Q1 2
009
Q1 2
010
Q1 2
011
Q1 2
012
Q1 2
013
Centre, Semicentre Periphery
Symbiosis project presentation – Update
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A famous past, and even bigger future
From an early 20th century vast industrial site to a creative district
Fresh, modern business environment
Development & leasing activity
Symbiosis will include office and commercial space that will cater to the needs of the tenants, providing a good
package of services and facilities
Reclamation works completed and permits obtained: ready to start with the construction works once an adequate level
of pre-let is reached
Flexible project: a set of ten different buildings, with the possibility to tune the construction schedule according to the
progress of the rental activity
Big and bespoke
BS’s in-house team will work with the tenant to develop a tailor-made product, focusing on space planning and fit-out
design
The design process will be implemented through the combined experience of BS and Antonio Citterio Patricia Viel and
Partners architecture firm
BS’s track record is on display at the Garibaldi Complex, where ~45,000sqm have just been successfully delivered
and meet all tenant requirements
Symbiosis project presentation – Update
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Reliability
Critical mass: more than 100,000sqm
Made in Italy product
Undersupplied area: lack of grade A
Centro Leoni fully leased
Milanofiori Nord fully leased
Sieroterapeutico (via Darwin) leased at 85%
No more supply in San Donato Milanese
Lorenteggio area still offers limited supply of Grade A
Appetite from potential tenants
Several companies are considering to move their headquarters
from the city center to more convenient areas
Rental rate is attractive for tenants who are considering opening
their offices in the Milan area
Customised solutions attract a growing percentage of tenants that
are looking for a place that fits with their business and culture,
not commodity space
Technology, sustainability and innovation combined with a good
balance between quality and costs are now driving the market
Symbiosis project presentation – Update
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Saving, inventiveness and speed
Reasonable and appropriate rental rates, thanks to a careful management of costs and smart solutions
Versatility: with a set of ten different buildings, it will be possible to accommodate businesses of all sizes
Each building is expected to be completed and delivered in just 20 months
Flexible enough to face the demands of businesses today and adaptable enough to meet the challenges of the future
Can-do approach
Working with tenants to understand their needs and establish long-term relationships
Environment
Green design, with a view: taking the best from worldwide experiences and applying it to Symbiosis
Energy class: A, allowing for reduced operating costs
Leed Core & Shell: Gold
Good neighbours
Open Your Art concept: bordering on the new museum of contemporary art developed by Prada, located in Largo
Isarco, scheduled for 2015 at the Expo and designed by Rem Koolhaas
Close to Bottega Veneta, Burberry, LVMH headquarters
Near IED and Bocconi University
Wide range of on-site amenities: restaurants, clubs, auditorium, kinder garden…
Potential tenants will move to find a brand new classy & cool environment
Ideal for International & Italian HQs and Large corporations
Symbiosis project presentation – Update
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119,000sqm GLA
~10 New buildings
Managed & developed by Beni Stabili group
~€270m Expected capex amount
Symbiosis project presentation – Update
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2007 Acquisition of the 1st
portion of Ripamonti area 2010 JV with Lagare, owner of the remainder portion of the area
2011-2012 Reclamation works
2013 Squeeze-out of Lagare,
BS owns and manages the whole project
2013 First stone of Prada’s museum of
contemporary art
Completion