Covivio completes pre-letting of Symbiosis Building D in Milan: offices 100% pre-let three months before completion of works

Covivio has signed two new pre-letting agreements with Gruppo Orsero, leader in Mediterranean Europe in the import and distribution of fruit and vegetables, and another leading Italian industrial company, for 4,500 m², pre-letting 100% of the office space in Building D of Symbiosis, three months before delivery.

The building of 18 000 m² has already been chosen as headquarters by important multinationals, such as Boehringer Ingelheim, one of the largest pharmaceutical companies in the world, LVMH Italia, leader in the luxury sector, some companies of the Mars Group - Royal Canin Italia and AniCura Italia.

'The total pre-letting of Building D is another demonstration of the trust that both Italian and international brands place in the Covivio's projects and vision. It also demonstrates that the prime office market in Milan continues to perform well and maintains a very positive dynamic,' said Alexei Dal Pastro, CEO Italy of Covivio.

These further agreements, together with new negotiations at an advanced stage for the pre-letting of other buildings under development in the complex, confirm the attractiveness of the Symbiosis district. It's a key component of the transformation of the entire area, and its role will also receive new impetus from the future urban regeneration of the Scalo di Porta Romana.

Since the establishment of Fastweb's headquarters in 2018, Symbiosis has registered a growing interest until it has established itself as a destination for corporates of primary standing. Last May, Snam and Covivio signed a purchase and sale agreement for a new 19 000 m² building to be developed by 2024 within the Milanese business district.

As of today, 95% of the different Symbiosis buildings delivered or to be delivered by year end are let. In the meantime, the average rents on the site have increased by 30% since the start of the development of the Symbiosis area.