UniCreditIn partnership with Prelios e Hines, won the competition promoted by FS Sistemi Urbani to acquire two abandoned railway areas in Milan: Farini port of call and Scalo San Cristoforo, with a total surface area of approximately 620.000 square metres.
UniCredit will thus lead one of the most significant urban regeneration initiatives in Europe in these areas, contributing to the future development of the city.
New real estate investment fund
The operation will take place via a new closed real estate fund managed by Prelios SGR, with UniCredit as the sole investor and guarantor of the seller through a bank guarantee. Hines will be responsible for development of the UniCredit Campus, with an expected completion within 7 years.
The project will follow urbanization plans agreed with the Municipality of Milan and the stakeholders involved.
The Scalo Farini project
Il Scalo Farini project aims to sustainably redefine the way of working and living in Milan, creating a new neighborhood with large green spaces that combines offices, homes, shops and services, including the Brera Academy, schools and a hotel.
An integral part of the development of Scalo Farini will also be the new UniCredit Campus.
“This initiative will put UniCredit on the front line in the most important one urban regeneration work of recent years, leaving a mark on the development of the community. It is a testimony of commitment to the future of Italy and to the potential of Milan and is a tangible example of how we live our goal of moving communities forward,” he declared Andrea Orcell, Chief Executive Officer of UniCredit. “This opportunity allows us to provide the symbolic city of our headquarters with the space to create affordable housing, student residences, social and sustainable regenerative investments of which the new UniCredit Campus will constitute an important part, making this an investment not only for 'today, but for the long-term future."
