The European Investment Bank (EIB) and Cassa Depositi e Prestiti (CDP) have provided €215 mln in financing, partly backed by InvestEU, to Academo Srl, a project company formed by Lendlease and the Equiter Infrastructure II fund for the University of Milan’s new science and technology campus.
The €215 mln in new funds includes a project finance-based direct loan. This is broken down into an initial tranche of €95 mln from the EIB and a second tranche of a further €95 mln from CDP, also provided by the EIB.
This means that the EIB's lending terms will cover €190 mln of the investment over a long maturity period, thereby reducing the project's cost for the public sector entity awarding the contract.
CDP’s credit line is backed by a guarantee from InvestEU, the European Commission's programme for supporting private sector investment. Moreover, CDP will also provide a €25 mln VAT line[1] for the project.
‘The MIND campus will be a major project for the university and the city in coming years,’ said University of Milan Rector, Elio Franzini.
