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PROPERTY:

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Kering luxury brand Bottega Veneta leases central Milan palace

Reuters
·1-min read

MILAN (Reuters) - Bottega Veneta has rented a historic palace in the centre of Milan that will house the new offices of the brand owned by luxury goods group Kering, real estate asset management company COIMA SGR said.

Milan attracts the bulk of office investments in Italy but prospects for the sector are uncertain as companies reassess working policies in the aftermath of the COVID-19 pandemic.

Bottega Veneta has signed a 12-year contract to lease 10,000 square meters in the 19th-century Palazzo San Fedele, located between the city's Duomo cathedral and La Scala opera theatre.

COIMA SGR purchased Palazzo San Fedele on behalf of the Qatar Investment Authority's Italian Property Fund.

Renovation works will start at the end of April.

(Reporting by Claudia Cristoferi; Editing by Valentina Za and Alexander Smith)