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Development of the Urban regeneration Project for the Former Trotto Area in Milan in Partnership with Hines

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Development of the Urban regeneration Project for the Former Trotto Area in Milan in Partnership with Hines

Borio Mangiarotti Entrusted with the Development of a Residential Complex of 600 Market-Rate Apartments for Sale 


Milan, October 3, 2023 – Borio Mangiarotti, a historic real estate development company, and Bain Capital Special Situations, a global team of investors creating value for over 20 years, are investing in partnership with Hines, a global investment, development, and management company, in the urban regeneration project EXTM that will transform the former Trotto area in the San Siro district of Milan. The project aims to convert the 130,000 square meters area, unused since 2012, into a new urban district predominantly for pedestrians, with new city services, green spaces open to the community, and inclusive housing options.


Borio Mangiarotti and Bain Capital Situations' investment, valued at over 250 million euros, was made through the Bistrot Fund, managed by Natissa SGR, which acquired over 46,000 square meters of land from the Invictus Fund, managed by Prelios SGR. This land will be used for approximately 600 residential units for sale, with Borio Mangiarotti serving as the general contractor for the development.


The residential complex will be part of the new urban district where the Invictus Fund, with strategic support from Hines, is involved in developing 700 new affordable rental residences (approximately 43,000 square meters), green spaces, and all public interest services (educational, sports, and nearby commercial facilities).


"We are delighted to collaborate with Hines, contributing to this significant redevelopment project that will create an outstanding neighborhood, unique in the Milanese landscape," says Edoardo De Albertis, CEO of Borio Mangiarotti. "Our intervention will adhere to the highest standards of innovation and environmental sustainability, as well as the best architectural and living quality."


We are pleased to participate in the development of 'EXTM,' a project aimed at reconnecting and transforming Milan's urban fabric," declares Rafael Coste Campos, European Head of Real Estate at Bain Capital Special Situations. "We estimate Milan will add c. 30,000 more households by 2030, accelerating the current supply / demand imbalance in the residential market, which is enhanced by the obsolescence of a large part of the existing stock. With this project, we aim to provide c. 600 high-quality, modern and energy efficient residential units. We have selected EXTIM due to its fundamental attributes, such as: a focus on large-scale projects, architectural quality, and emphasis on environmental and social sustainability, with the goal of generating a positive long-term impact for the community and our investors."


"The partnership agreement with Borio Mangiarotti represents a significant step in the development of Milan's Ex Trotto area, where we are committed to an urban regeneration project that aims to meet the needs of the local community and the growing demand for affordable housing in the city, offering residences for a multigenerational audience," said Mario Abbadessa, Senior Managing Director & Country Head of Hines in Italy.


Borio Mangiarotti received financial advisory support from Banca IMI, legal advisory from Dentons, and administrative legal support from Todarello&Partners, while Prelios SGR received legal assistance from the law firm Gattai, Minoli, Partners for civil matters and Belvedere Inzaghi Partners for administrative aspects.


Borio Mangiarotti SpA


Established in 1920, Borio Mangiarotti is a real estate development company operating as a developer and general contractor. The company boasts a long tradition and over 100 years of experience in the industry, contributing to the development of over 500 buildings. With its extensive experience, Borio Mangiarotti has become a major player in the Milanese real estate landscape, establishing important relationships and collaborations with leading Italian and international companies.


Bain Capital Special Situations


Bain Capital Special Situations has $15 billion in assets under management and has invested $28 billion since its founding in 2002. We provide bespoke capital solutions to meet the diverse needs of companies, entrepreneurs, and asset owners - in all market cycles. The strategy brings together credit and equity expertise, as well as corporate and real asset expertise, to provide solutions which cannot be met by traditional providers. We partner with companies through their growth journey to raise capital for expansion or M&A, to provide liquidity or for capital structure change. We provide solutions to asset owners to provide liquidity for complex and misunderstood assets. We support entrepreneurs and operators to build platforms that address market inefficiencies We invest globally across capital structures in corporate debt and structured capital solutions, distressed assets, non-performing loans, hard asset opportunities, and growth equity. Our dedicated, global team of 100 investment and portfolio professionals contribute the local expertise and capabilities that enable these diverse investments. Bain Capital is a global private investment firm with offices on four continents, more than 1,350 employees and approximately $160 billion in assets under management.




Hines is a global investment, development, and management company. Founded by Gerald D. Hines in 1957, it now operates in 30 countries. We manage a portfolio of $87 billion in high-performance assets in residential, logistics, retail, office, and mixed-use sectors. Our local teams provide services to 790 properties totaling approximately 25 million square meters globally. We are committed to achieving a goal of zero carbon emissions by 2040 without purchasing offsets. To learn more, visit and follow @Hines Italy on LinkedIn.