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Sprint of LendLease for the after Expo

24 October, Corriere della Sera

The Australian company is in pole position in the competition for the development of the private part of the site

The race for winning the after-Expo project is coming to an end. Yesterday the judging committee published the scores assigned to the technical proposals for the two companies left to compete, namely two teams, one represented by Lendlease, the Australian multinational operating in the infrastructure sector based in Sidney, the other one by Stam Europe, the Paris-based real estate asset manager.

Lendlease has obtained 70 points against the 45.7 of Stam Europe. Before taking the final decision in December, the dossier must be evaluated by Arexpo, whose Giovanni Azzone (former rector of the Technical Institute of Milan) is president.

If the score obtained with the technical proposals is not enough, other two elements will favour Landlease. These are the two chapters about the economic proposal. The first concerns the costs for the masterplan, that would be at the committee’s expenses: the Sidney-based company has designed a master plan for the cost 1 million euro against that of Stam Europe for 2.9 million euro. The second regards the rental license (for a duration of 99 years), whose starting auction price was 91,5 million euro, which Lendlease raised at 115 million ( 26% more) against the 110 million of Stam Europe (20% more).

In the meanwhile, new elements are adding to the picture of the two competitors. We’ve already said that Stam Europe is the leading company of a group gathering Vitali Spa, Condotte, and Macquerie, the biggest Australian investment bank specialised in corporate investment funds. Whereas Lendlease is together with Carlo Ratti Associati (an international design and innovation firm), Systematica ( a consulting firm for urban and transport planning and engineering), the international network PwC, Land (international landscape architecture firm started in 1990 in Milan by Andreas Kipar and Giovanni Sala), and finally Sec, and independent PR agency.

We’re then at the final stage to identify the Arexpo’s partner for the development of the private part of the Expo site. As we already know, the public functions, consisting in the biggest scientific and technological park of the country (Human Technopole, the Galeazzi hospital, and the scientific faculties of the Università Statale), follow a path apart from this tender. For the remaining part, the winner can invest and build from a minimum of 250 thousand to a maximum of 480 thousand Sq m for a business valued 2 billion euro. The manifestations of interest have been forwarded to the two competitors. Who wins will be able to build, lease or sell the spaces requested by companies.

Source: Corriere della Sera

Translator: Cristina Ambrosi