Coima and Redo SGR Società benefit (Redo) have entered the MilanoSesto project, the largest urban regeneration project in Italy and one of the biggest in Europe.
The companies sign agreements for the acquisition of 100% of the company MilanoSesto SpA, held indirectly by Hines Iron MilanoSesto Associates LLC. and of the component residential area of the Unione Zero lot , for a total surface area equal to approximately 90% of the entire area.
The MilanoSesto site is spread across two distinct areas. The 1 million square meters of building area (SL) divided as follows:
- the largest area (approximately 840,000 m2), owned by MilanoSesto SpA, which will include, among the various functions, the residential component which will be built on an area that has already been partially reclaimed, with interventions in free, subsidized and social housing, as well as to the City of Health and Research, which is part of the Lombardy Region, and to an area designated as a park with an extension of approximately 45 hectares;
- the lot of approximately 155,000 m2 called Unione Zero , which in turn includes an area of approximately 27,000 m2 acquired by COIMA and Redo for the construction of subsidized residential building works. The remaining approximately 128,000 m2 will retain their current ownership and destination, which includes buildings for office use, student housing, hotel accommodation and free construction. The ownership of the Unione Zero lot, with the exception of subsidized residential construction, will remain with the fund of the same name.” Unione Zero”, managed by Prelios SGR and participated by Cale Street and Hines.
Manfredi Catella, Founder and Chief Executive Officer of Coima, said: “MilanoSesto is one of the most important urban regeneration projects in Europe. Coima’s commitment alongside Redo, a leading company focusing on regeneration with a high social impact, and the consolidated partnership with Intesa Sanpaolo, a leading European banking group at the forefront of sustainable infrastructure projects, provides a unique blend of skills to support Milan and Italy’s growth. With a deep sense of responsibility, together with our partners, we will take forward this strategically important project with the aim of ensuring it becomes an international benchmark for socially and environmentally sustainable urban redevelopment, attracting national and international investors with strong ESG commitments, creating a thriving place fit for a zero-carbon future.”
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