La European Investment Bank (Bei) e Cassa Depositi e Prestiti (CDP) have granted a financing of 215 million euro a Academo Srl, a project company formed by lendlease e Equiter Infrastructure II Fund, managed by Ersel AM.
The funding supports the creation of new teaching spaces for university students and researchers within the project urban regeneration of Milan, focused on environmental sustainability. Academo Srl is, in fact, appointed byUniversity of Milan for the design, construction and management of the scientific and technological Campus in the Mind area - Milan Innovation District. This financing constitutes the last step in the planning phase of the operation coordinated by Lendlease, which involves a total investment of over 450 million euros.
How the financing will be disbursed
The 215 million euros will be granted through a direct financing on a project finance basis. The EIB will provide one first tranche of 95 million, followed by a second tranche of another 95 million granted by CDP, with funds provided by the EIB itself. This investment will benefit from subsidized financing from the EIB for a total of 190 million over a long period, thus reducing the cost of the project for the public sector. The CDP credit line will partially benefit from the guarantee of the InvestEU Fund, a European Union program to stimulate private investment. Cassa will also provide a 25 million VAT line for the project.
New Milan campus by 2027
The redevelopment project will allow the State University of Milan to create ainnovative structure which brings together multidisciplinary scientific expertise in one single campus, transferring research and teaching activities into a university development program. The new campus, planned by 2027, will host over 23.000 Guests, including students, researchers, teachers and staff, on a built area of 190.000 square meters, with laboratories for advanced research, libraries, auditoriums and common spaces, as well as green spaces and a botanical garden.
The architectural vision is signed by the studio CRA - Carlo Ratti Associati. The project aims to obtain "GOLD level" energy-environmental certification according to the international Leed protocol, with an energy production system from renewable sources and almost exclusively electric vehicles within the campus, connected to the new Mind Merlata Passante Station , to generate energy savings of 24% compared to standard buildings.
“The EIB has a long history of supporting education in Europe, with over 20 years of dedication to the sector. Over the last 10 years, we have allocated 3 billion euros in support of the Italian school system, focusing on modernization, safety, energy efficiency, construction of new accommodation for students and the expansion of teaching and research infrastructures” - he declared Alexander Izzo, Director of the The responsible for Equity, Growth Capital and Project Finance operations - "this initiative, after the recent agreement with the National Strategic Hub, also reaffirms the role of the EIB as a financial partner of reference in project finance operations, with the aim of promoting this financial technique to support strategic projects and partnerships in the country.”
“Thanks to the synergy with European institutions, we have supported the University of Milan and Academo in the creation of a Public Private Partnership project significant for the territory and with a high impact, which has as its main objective that of improving the university life of students at the new headquarters of the University's scientific faculties", declared Charles Lamari, Head of Infrastructure at CDP. “The operation announced today is fully consistent with the guidelines in our 2022-2024 Strategic Plan and further confirms CDP's continued commitment to supporting the development and modernization of the country's social infrastructure”.
