Lendlease signs agreement to develop major urbanisation project, Milan Innovation District (MIND)

10 Apr 2019

International property and infrastructure group, Lendlease, has signed an agreement to develop the Milan Innovation District, a major new district for science, knowledge and innovation on the former Expo site in Milan, Italy.

The new agreement confirms Lendlease’s position as preferred development partner for the urbanisation project, which has an end value of c. €2.5 billion (c. AUD$4 billion). The project is a multi-phased, mixed-use redevelopment that is expected to include commercial, residential, retail and public realm. 

Financial close for the project is subject to planning approval. A decision is expected to be made later in the year. Once approved, work could begin as early as 2021 and is expected to take 15 years to complete. 

Today’s signing follows on from a first stage Consultancy Agreement, announced by Lendlease in November 2017, which included the development of the masterplan design and business plan.

MIND is one of a number of major urbanisation projects Lendlease currently has underway within Europe. Others include London’s Elephant Park, Euston Over Station Development and Silvertown Quays.

Dan Labbad, CEO for Lendlease Europe, said: “Work is already underway on our plan to create an exceptional new district in Milan. The Milan Innovation District is a scheme with huge potential and one where, working alongside our partner Arexpo, we are looking to build a world-leading centre of scientific excellence alongside an outstanding and active mixed-use neighbourhood.”

Giovanni Azzone, president of Arexpo, declared: “This agreement is another important step forward for the Milano Innovation District, the area where the Expo Milano 2015 took place. This collaboration between Arexpo and Lendlease will provide the foundation of a top level international project, and a unique opportunity for Italy".

ENDS

For further information please contact:

Becky Endacott, External Communications Manager, Lendlease Europe
Email: [email protected] 
Phone: 07725200928

Jonathan Edwards, Head of External Communications, Lendlease Europe 
Email: [email protected] 
Phone: 07753581086

Visit www.lendlease.com or follow us on Twitter @Lendleaseuk

Notes to editors: 

  • Milano Expo attracted 21 million visitors to the city in 2015 and the formal agreement announced today confirms Lendlease will be the planning and development lead for transformation of the 100-hectare site. 
  • Work is already underway on a masterplan for the new district, which will include a hospital, university and international research centre.