05 December, Milano Finanza
The project for the creation of Falcon Malls in Cascina Merlata is taking shape. The operation concerns the implementation in the area of a 65 thousand Sq m shopping centre. The project is supported by the two main Italian banks, Unicredit and Banca Imi. These days, in fact, the banks approved the financing for 300 million in favour of the group Fawaz Alhokair, one of the main global operators in the shopping malls sector, owning 20 of them for a total surface of 1.5 million Sq m). The support from banks is included in a wider project concerning the commercial development with a total value of over 1.2 billion whose implementation will be completed in the next few years together with the urban planning project of Euromilano, a company 43.43% owned by Intesa and featuring partners such as UnipolSai (14.86%) and the listed company Brioschi (17.14%).
More in detail, the Falcon Malls construction site, that will rise in the area beside the land of Arexpo, sees the implementation of two structures that will accommodate altogether 192 businesses (35 of which restaurants and bars). According to the plan of the developers (the marketing activity is assigned to Jones Lang Lasalle), the mall, once fully operational, should bring to Cascina Merlata 10 million visits yearly (the Fico project in Bologna estimates 6 million yearly, to give an idea). Moreover, today Euromilano, the sponsor of the requalification project in Cascina Merlata, has presented the agreement with all the partners involved in the operation of residential and commercial development in order to define the governance (roles, responsibilities and budget) on the model of the modern American business districts.
The same group Fawaz Alhokair will start the works for Falcon Malls in the context of the requalification plan of the former Falck area between Milan and Sesto San Giovanni. In this case, the construction site concerns a shopping centre of over 131 thousand Sq m with a capacity of 365 shops and estimated visits for 13 million per year.
Source: Milano Finanza
Translator: Cristina Ambrosi