The three companies have been acquired the 190,000 sqm redevelopment project in Milan for around €180m. The acquisition will be carried out through the real estate investment fund "Porta Romana", promoted and managed by Coima SGR and subscribed by Covivio, Prada and the Coima ESG City Impact fund.
Milan will host the Winter Olympic Games in 2026, and the south-east area where the site is located, close to the historic centre, will be home for the athletes’ Olympic Village. This area will be transformed by Coima SGR into approximately 1,000 beds of student housing at the end of the games. Covivio will develop office functions and services while Prada will build a laboratory and offices to extend its activities already present in the area.
This investment will enable the layout of a decommissioned area inspired by principles of sustainability, with a project in terms of quality, size and purpose comparable to the best urban planning interventions at European level. The active railway line will be partially underground and overlooked by overpasses that will connect the south-east districts, already under renovation, to the historic centre. Furthermore, 100,000 sqm of easy paths within the park, with residences, offices, social housing, services and student housing will be built. The site will remain interconnected to the entire metropolitan area through the railway and metro stations.
Manfredi Catella, Founder & CEO of Coima, said: "Our investment strategy is based on urban regeneration on a neighbourhood scale, where we believe the best results can be achieved through integrating infrastructure, environment and community. The experience gained in the redevelopment and management of the Porta Nuova railway yard, now together with the Porta Romana project, is grafted onto the development of the future of cities in an era of innovation and extraordinary transformation. Porta Romana, together with Valtellina-Farini, now allows us to start a significant program in residential development. This partnership with Covivio and Prada represents an important alliance of national and international entrepreneurs and a commitment to contribute together in promoting Italy’s recovery as we start work on this landmark site."
Patrizio Bertelli, the main shareholder of Prada Holding S.p.A., commented on the initiative as follows: "Twenty years ago the Prada Group decided to build its own business centre and a complex for public cultural use in the district overlooking Via Brembo - Via Lorenzini, which today houses the Prada Foundation. For several years, looking out from the terraces of the museum, we have been admiring the large space of the disused railway station, recalling the history of industrial Milan, in the hope that its memory would not be lost; for this reason, when the Ferrovie decided to dismantle the area, we took steps to find partners who would share with us the aim of preserving the harmony of the spaces, enriching the life of the district, a goal for which we decided to participate in this great undertaking".
Alexei Dal Pastro, CEO of Covivio Italy, said: "This project is totally in line with our Group's desire to keep Milan at the centre of our strategy and to increase the percentage of class A properties in our portfolio. Our goal is to create one of the best destinations in Lombardy's capital city with a strong contemporary spirit, to make Milan a city increasingly based on the connectivity of spaces, people, opportunities and ambitions. An urban regeneration project consistent with our approach to the development of sustainable initiatives that return value to the city over time, improving the quality of life and well-being of those who live and work in it".
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