The property arm of insurance giant Generali has acquired the remaining 33% stake it did not already own in CityLife, Milan's largest redevelopment project, for around €109 mln.
The property arm of insurance giant Generali has acquired the remaining 33% stake it did not already own in CityLife, Milan's largest redevelopment project, for around €109 mln.
At the same time, vendor Allianz will take control of some of the residences as well as the 202-metre high Isozaki Tower which will house the group's Italian headquarters on completion in early 2015.
The acquisition price for Allianz comes to €367 mln. The asset is earmarked for the Ire property fund.
CityLife is a mixed-use redevelopment including Milan's third-largest urban park, three office towers and residential buildings offering a total of 540 apartments.
The office element includes the Hadid tower with is expected for delivery in 2017. Insurer Generali plans to relocate its entire staff to the high-rise building from 2018.
'Today marks the start of a new chapter for CityLife,' commented Alberto Minali, chief financial officer of Generali Properties.