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The Court of Milan assigned Porta Vittoria to York Capital

30 November, Monitor Immobiliare

The long legal controversy concerning the Porta Vittoria development project has come to an end. The project was launched in 2000 by the developer Danilo Coppola. Following the bankruptcy of his company Porta Vittoria Spa, the area was assigned to three insolvency administrators who found in the company Progetto Vittoria Real Estate Spa, connected to York Capital Management Europe (Uk) Advisors Llp, a possible solution for the completion of the project.

Today, the Court of Milan formalised the ownership transfer of the area to the new company, relaunching in this way the works in Porta Vittoria.

Milan’s Urban Planning City Councillor Pierfrancesco Maran commented: “We’ve ended a dark chapter for Milan. Porta Vittoria has been left vacant for a long time, and now it can finally be recovered and made available again. We’re already in contact with the company in charge of the recovery of the land on which a public park will rise. We hope that the other works will start as soon as possible”.

Federico Oliva, director for York Capital Management Europe (Uk) Advisors: “We’re honoured to have been given the opportunity to take part in this requalification project, and we’re ready to carry out the interventions according to the plan. Milan is a very dynamic city in which we truly believe. We’re sure that the implementation of the project will have a positive impact on the quality of life of the residents”.

Once created the 30 thousand Sq m park in the area between Viale Umbria, Via Monte Ortigara and Via Cervignano, the company will then proceed with the sale of the first lot of apartments. Moreover, the project includes the implementation of another public park for 10 thousand Sq m of surface including sports facilities east from Via Cervignano and Viale Molise. These works will complete the part of the project which was already implemented: the road system, the almost-finished residential component, the Esselunga supermarket and the parking lot.

On Tuesday 11th December, at 6 pm at the Liberty Building, a public meeting will gather with Councillor Maran and the new owners to inform the neighbourhood of the restart of the works.

Source: Monitor Immobiliare

Translator: Cristina Ambrosi