Pass full control of Citylife to Generali. Generali Properties (Generali) has reached the signing of the agreement with Allianz Italia and according to the agreement is about to become the sole owner of CityLife Spa, the company that manages the largest urban redevelopment project in Milan. At the same time, Allianz will acquire the Isozaki tower and part of the residential component of the CityLife area.
The closing of the entire operation is expected in the next few days. Meanwhile, the Isozaki tower has reached its maximum height of 202 meters and its completion is expected for the beginning of 2015 while the start of construction of the Hadid tower is expected soon after, its completion in 2017. The development of the CityLife project therefore continues according to plan, as also explained by Generali, which will now transfer the offices present in the Milan area to the Hadid tower starting from 2018.
The first part of the residential component is nearing completion and the public park – which will be the third largest city park in Milan – is expected to be completed in 2016. “Today begins a new chapter in the history of CityLife – commented Alberto Minali, Group CFO – By acquiring full ownership of CityLife and total control of the development project, Generali demonstrates its commitment to completing this exceptional new district in Milan. CityLife can now count on the full support of one of the largest insurance companies in the world and on solid sources of financing, two essential factors for the development plan to be implemented successfully".
