Global property and infrastructure group, Lendlease, has signed an agreement to develop the Milan Innovation District, a major new district for science, knowledge and innovation on the former Expo site in Milan, Italy.
The new agreement confirms Lendlease’s position as preferred development partner for the urbanisation project, which has an end value of c. €2.5 billion (c. AUD$4 billion). The project is a multi-phased, mixed-use redevelopment that is expected to include commercial, residential, retail and public realm.
Financial close for the project is subject to planning approval. A decision is expected to be made later in the year. Once approved, work could begin as early as 2021 and is expected to take 15 years to complete.
Today’s signing follows on from a first stage Consultancy Agreement, announced by Lendlease in November 2017, which included the development of the masterplan design and business plan.
MIND is one of a number of major urbanisation projects Lendlease currently has underway within Europe. Others include London’s Elephant Park, Euston Over Station Development and Silvertown Quays.
Dan Labbad, CEO for Lendlease Europe, said: “Work is already underway on our plan to create an exceptional new district in Milan. The Milan Innovation District is a scheme with huge potential and one where, working alongside our partner Arexpo, we are looking to build a world-leading centre of scientific excellence alongside an outstanding and active mixed-use neighbourhood.”
Giovanni Azzone, president of Arexpo, declared: “This agreement is another important step forward for the Milano Innovation District, the area where the Expo Milano 2015 took place. This collaboration between Arexpo and Lendlease will provide the foundation of a top level international project, and a unique opportunity for Italy”.
Lendlease is a leading international property and infrastructure group with operations in Australia, Asia, Europe and the Americas. Headquartered in Sydney, Australia, and listed on the Australian Securities Exchange, Lendlease has approximately 13,100 employees internationally.
Lendlease is behind some of London’s largest and most exciting mixed-use regeneration projects such as Elephant Park and International Quarter London. In early 2018, it was appointed by Google as lead construction partner on its landmark new headquarters’ in King’s Cross and is the preferred contractor for Birmingham’s Perry Barr development, due for completion in 2020.