04 December, Corriere della Sera
The construction sites might start next year when the reclamation works will be completed on the whole former Falck area. MilanoSesto, owned by the entrepreneur Davide Bizzi, archived the works for Città della Salute, owner of the land in Sesto San Giovanni, is now working at phase 2 of the project. On one side there are the construction and infrastructure works of the Unione area to support the cancer and neurology institute Besta, part of Città della Salute: roads, a train station, a creche and hotels. On the other hand, there is the implementation of the mega commercial district featuring sports areas and a leisure park, to be completed by 2021. A project that is worth a total investment of 3.6 billion.
In the meanwhile, the corporate structure of MilanoSesto is consolidating, seeing Bizzi as a shareholder for 75% and the remaining 25% held by Al Hokair, owned by the brothers Fawaz, Salman and Abdul Majeed. The brothers invested one year ago in Sesto San Giovanni to relaunch an area of 1.4 million Sq m. The Saudi investors have used the option to reach 50% of the capital, setting at the same level as Bizzi & partners, confirming their strong commitment, also financial, for a series of projects that will take place over a 10-15 years period.
But it is also possible that other players might be involved in the investments: companies operating in healthcare, hospitality, and in services in general, ideally at an international level. These companies, in fact, might be willing to have a presence in the biggest development and requalification area in Europe, 1.5 times the surface of Expo. MilanoSesto will create several companies to work on the single projects which will get the capitals from the new investors.
The first chapter of the works will be launched by MilanoSesto after the summer and it will include the train station of Sesto San Giovanni. The project is signed by the superstar Renzo Piano. Other projects are the subsidized construction for the workers of the two hospitals, two hotels and a public park for 450 thousand Sq m. Then, we must add the new roads for the neighbourhood. The total investment in the Unione area amounts to 350 million for the real estate development, plus other 120 for the necessary reclamation works.
Another construction site will open simultaneously called “Concordia”, named after the old Falck factory. Here, the Al Hokair brothers will play again the main role, after having bought from MilanoSesto 80 million Sq m through Falcon Malls and, after the agreement with Bizzi, one year ago, for investments in Milan (Cascina Merlata) and in Turin. The group operates in Saudi Arabia 16 centres under the name of Arabian Centers. In Sesto San Giovanni, the group will build a commercial hub (2 billion for the development of the project) included in a wider project concerning residences, cultural centres and restaurants.
Source: Corriere della Sera
Translator: Cristina Ambrosi