The real estate arm of insurance group Generali Real Estate is joining forces with Portuguese retail specialist Sonae Sierra to develop and manage the CityLife Shopping District in the heart of Milan's CityLife project.
The real estate arm of insurance group Generali Real Estate is joining forces with Portuguese retail specialist Sonae Sierra to develop and manage the CityLife Shopping District in the heart of Milan's CityLife project.
Under the agreement, Sonae Sierra will provide services during the development and construction phases, as well as asset and property management after the shopping district opens.
The CityLife project is one of the largest urban redevelopment and mixed-use projects in Italy, located in the north-western area of Milan formerly occupied by the old Trade Fair. It also encompasses Milan’s most extensive pedestrian area, with all road systems relocated underground.
The scheme is being developed over an area of 90.4 acres and will consist of three iconic office skyscrapers on 130,000 m2 designed by international architects Zaha Hadid, Arata Isozaki and Daniel Libeskind; 530 residential units already completed and delivered and a shopping district, which is expected to open in 2017. It will consist of an enclosed mall on two floors connected to an open air pedestrian mall designed by Studio Mauro Galantino, that links the heart of the project to the residential area and the city.
With a catchment area of 700,000 inhabitants and 32,000 m2 of GLA, it will comprise 100 units devoted to shopping, restaurants, services, leisure and entertainment as well as a multiplex cinema with 1,200 seats and 900 underground parking spaces.
'We are very enthusiastic to partner with a top tier International player such as Sonae Sierra on this very emblematic asset, the CityLife Shopping District will be in the heart of the CityLife project and a unique format for Milan. It will also have an international breadth, representing the largest single retail investment in the Generali Real Estate portfolio,' said Christian Delaire, CEO of Generali Real Estate.
'This agreement is in line with our strategy and reflects the market reliance on the expertise and long experience of Sonae Sierra, acknowledging our capacity and high effectiveness in the development and management of shopping centres,' added Fernando Oliveira, CEO of Sonae Sierra.
Generali took full control of the 366,000 m2 CityLife project in July last year with the acquisition of the remaining 33% stake it did not already own for around €109 mln.
The insurance giant plans to relocate its entire staff to one of the high-rise buildings from 2018.
