Institutional portal - Municipality of Milan

The auction competition arrives in the Octagon for the first time. Offered 1,9 million euros in annual rent. Tasca: “Innovation in Public Administration leads to results useful to the city”

Milan, November 8 2019 - With an offer of 1,9 million euros in annual rent, Giorgio Armani Retail was awarded the Tim store in the Octagon of the Galleria Vittorio Emanuele II. After 24 bids in the auction, with a starting bid of 670.440 euros, which was held in the state property offices in via Larga, the well-known fashion brand outdid the competition by winning the 18 m302 of the property for the next XNUMX years. local.

“This is a virtuous example of how the capacity for innovation introduced into the Public Administration, in this case represented by an auction, can bring economic benefits to the city and consequently to its citizens – explains State Property Councilor Roberto Tasca – . The proceeds from the auction will be reinvested in the city as always. It is also pleasant to witness the competition between prestigious Italian and international investors who intend to secure a presence in the Gallery. A fact that certifies the moment of positive liveliness that Milan is experiencing."

For the shop currently in use in Tim the starting price was 670 thousand euros. It is the first time that the auction mechanism has arrived in the Gallery and is foreseen by the Administration for the shops overlooking the Octagon. The tender consists of relaunch offers with a maximum interval of three minutes, until the final award.