02 November, Il Giorno
The Australians are in pole position also for the Expo site masterplan
LendLease is already in pole position to implement the masterplan for Expo site and now it gets Santa Giulia too. In fact, the Australians have signed a binding agreement with Risanamento to develop in partnership the so-called Northern lots, the areas mainly composing the “Milano Santa Giulia” project. Whereas the agreement doesn’t include the Southern lots and the Sky Complex, this latter already signed by another company of the LendLease group.
“Concerning the areas related to the agreement signed today – explains the company – a variation of the masterplan, scheduled for the next 12-18 months, is currently under review, included the definitive reclamation project to implement about 400,000 Sq m surface, 50% of which will be destined for residential use, 30% for commercial use and 20% for services and hospitality”. Thanks to the agreement, Risanamento had an excellent performance on the Stock Exchange: all the shares went up till 8%.
As anticipated, LendLease is close to winning the tender launched by Arexpo, the company owner of the exhibition area, to find a partner supporting the master plan and develop it. The tender included a 99 years license of an area between 250 and 480 thousand Sq m upon a payment of a yearly lease for 99 years. The offer from the Australian company has won over that of Stam Europe, the only competitor, in all the three requirements. For what concerns the rent to pay to Arexpo for the 99 years license, LendLease has offered 115 million euro with a 26% increase on the base auction price of 91.5 million euro.
Source: Il Giorno (by Giambattista Anastasio)
Translator: Cristina Ambrosi