Italian asset manager Coima Sgr, French listed property group Covivio and Prada holding have been awarded the tender by FS Sistemi Urbani Srl and Rete Ferroviaria Italiana SpA for the acquisition of the Porta Romana railway yard in Milan for €180 mln.
The 190,000 m2 site is in the south-east area of Milan, adjacent to the historic centre, and will be home to the Olympic Village for the athletes of the 2026 Winter Olympics.
The acquisition will be made through the Porta Romana real estate investment fund, promoted and managed by Coima Sgr and subscribed by Covivio, Prada and the Coima ESG City Impact fund.
The investment will enable the regeneration of a decommissioned area inspired by principles of sustainability. The active railway line will be partially underground and overlooked by overpasses that will connect the large neighbourhoods in the south-east, already under renovation, to the adjacent historic centre. This will break down the barrier that has so far been represented by the yard, with 100,000 m2 of easy paths within the park with residences, offices, social housing, services and student housing to be constructed. The site will remain interconnected to the entire metropolitan area through the railway and metro stations.
Coima Sgr will develop the free and subsidised residential component and the Olympic Village, which will be transformed into approximately 1,000 student housing beds at the end of the games; Covivio will develop office functions and services; Prada, mainly interested in the quality of the park, will build a building for laboratory and office use to extend its activities already present in the area.
‘Our investment strategy is based on urban regeneration on a neighbourhood scale, where we believe the best results can be achieved through integrating infrastructure, environment and community,’ said Manfredi Catella, founder & CEO of Coima. ‘The experience gained in the redevelopment and management of the Porta Nuova railway yard, now together with the Porta Romana project, is grafted onto the development of the future of cities in an era of innovation and extraordinary transformation. Porta Romana, together with Valtellina-Farini, now allows us to start a significant programme in residential development.’
He added: ‘This partnership with Covivio and Prada represents an important alliance of national and international entrepreneurs and a commitment to contribute together in promoting Italy’s recovery as we start work on this landmark site.’
