Maghen Capital acquires the Coin building for 33 million in Corso Vercelli in Milan

New luxury residences with parking and large terraces in the building that now houses the Coin storefronts in Corso Vercelli in Milan. Maghen Capital Spa - a group specialising in residential real estate investments - has finalised the acquisition of a mixed-use property located at Corso Vercelli 30-32, in the heart of the Vercelli-Pagano district in the western part of Milan.

The building, currently leased to Coin Spa, has six floors above ground and a basement level, with a total area of approximately 5,000 square metres, plus an underground parking area. The total value of the operation amounts to 33 million Euro.

"Today's transaction is in line with the business model that characterises our group," said Michael Meghnagi, CEO of Maghen Capital, "aimed at increasing the value of the investment through the redevelopment into luxury residential properties with large and exclusive communal facilities, car parks and terraces in response to customer demand and the current market trend in Milan, and confirms the winning strategy aimed at enhancing the value of our real estate assets, which has allowed us to achieve excellent returns in recent years.

For its part, Coin Spa expresses its satisfaction with the acquisition of the property in Corso Vercelli in Milan by Maghen Capital Spa. The transaction," reads a note, "represents a significant step that will further enhance the value of a landmark property for Milan's commercial fabric. Constructive talks are already underway between Coin, which has been present for some time and continues its activities with its own store inside the building, and the new owner, aimed at defining a shared future for the retail space that will continue to be an integral part of the structure".