Oct. 27 (Bloomberg) -- Apple Inc., Prada SpA and Gucci are vying for a spot in one of Milan’s most prestigious retail addresses, the Galleria Vittorio Emanuele arcade.

The municipality of Milan will announce on Nov. 3 which of the bidders has been selected for a commercial space that’s currently partly occupied by a McDonald’s Corp. restaurant, the city said in an e-mailed statement today.

The space is distributed over eight floors and will be let for 18 years, it said. Bidders had to offer a minimum rent of 2.1 million euros ($2.98 million) a year for the first five years and 3.6 million euros a year for the remaining period.

--Editors: Paul Jarvis, Jerrold Colten.

To contact the reporters on this story: Chiara Remondini in Milan at cremondini@bloomberg.net; Marco Bertacche in Milan at mbertacche@bloomberg.net

To contact the editor responsible for this story: Kenneth Wong at kwong11@bloomberg.net