A real estate leasing project has been approved for a 41-storey
tower in the Italian city of Turin.

The new building, which will be almost 200 metres tall and cover
around 70,000 square metres in total, will be used by the local
authorities and will have a capacity for over 2,600 people.

The tower will cost some €200 million, and the local
administration – the regional administration of Piemonte – will pay
for the project with a real estate “leasing in costruendo”

This means that the lessor which wins the tender will finance
the construction of the property based on the lessee’s
specifications, and only once the property is ready the lessee will
begin payment of the instalments.

The administration is aiming at paying an annual leasing
instalment which is less than what it currently pays for the rent
of some of its offices – which amount to some €13 million.

The tower will be built in the same area where Fiat, the biggest
Italian carmaker, is currently headquartered.

Antonio Fabrizio