COVIVIO (EPA:COV) - Covivio, Coima SGR and Prada Holding S.p.A. win the tender for the purchase of the Porta Romana railway yard in Milan

Transparency directive : regulatory news

11/11/2020 08:10

Coima SGR, Covivio and Prada Holding S.p.A. win the tender for the purchase
of the Porta Romana railway yard in Milan

A landmark project that will be inspired by a masterplan that will be selected
                   through an international competition.

    A public-private partnership for the realization of the Olympic Village.

A new urban structure of excellence around the park that will unite the south-
               east external districts to the center of Milan.

Milan, 11 November 2020 - Coima SGR, Covivio and Prada Holding S.p.A. has 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 c. EUR180
million. The 190,000 sqm site is in the dynamic south-east area of Milan,
adjacent to the historic center, and will be home to the Olympic Village for
the athletes of the 2026 Winter Olympics.

The acquisition will be made through the real estate investment fund "Porta
Romana", promoted and managed by Coima SGR and subscribed by Covivio, Prada
Holding S.p.A. and the Coima ESG City Impact fund. This investment will enable
the regeneration of a decommissioned area inspired by principles of
sustainability, with a project comparable to the best urban regeneration
schemes in Europe for quality, size and purpose.

The active railway line will be partially underground and overlooked by
overpasses that will connect the large neighborhoods in the south-east, already
under renovation, to the adjacent historic center. This will break down the
barrier that has so far been represented by the yard, with easy paths, within
the park, that will extend for about 100,000 sqm, and, around which residences,
offices, social housing, services and student housing will be constructed,
interconnected to the entire metropolitan area through the railway and metro
stations.

The project will be governed by the Program Agreement defined in June 2017 by
the City of Milan, Lombardy Region and Ferrovie dello Stato which defines in
164,000 sqm the building areas, and in 50% of the railway yard the surfaces of
green areas and public spaces. The development will follow the lines drawn by
the Masterplan that will be selected through an international competition
launched by the Porta Romana Fund, as provided by the Program Agreement itself.
In terms of planning, once the administrative authorizations have been
obtained, the first phases of the scheme are scheduled for delivery in
2025-2026.

Inside the railway yard, COIMA SGR will develop the free and subsidized
residential component and the Olympic Village, which will be transformed into
approximately 1,000 beds of student housing at the end of the games. Covivio
will develop office functions and services.

Prada Holding S.p.A., 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.

A wide-ranging project for a new integrated and diversified urban district.
Coima SGR, Covivio and Prada Holding S.p.A. are united in this enterprise by
the strong bond with the city of Milan, the engine of development of the entire
country, as well as the desire to contribute to its future harmonious growth.
The public park, which will extend for half of the surface, with its ecological
value, will constitute the connective tissue between the diversified urban
functions of the new buildings and also with the surrounding structures, and
will offer safe and inclusive public space for the community, creating a sense
of belonging and identity.

The commitment of Coima SGR, Covivio and Prada Holding S.p.A. confirms the same
desire of the three players to reconnect the historic center of the city the
districts south of the Porta Romana yard, where the three companies have long
been present with buildings for residential, commercial and cultural purposes,
through a project of excellent aesthetic quality, functional and socially
useful.

Coima SGR has been present in the area overlooking the Porta Romana railway
yard since 2019 following the EUR100 million acquisition of 50,000 sqm of
buildings. Covivio is present in this vibrant part of the city, for new
challenges and transformation, with the Symbiosis business district, which
represents the landmark office project over an area of about 125,000 sqm, and
which already includes Fastweb, Boehringer Ingelheim, and ICS International
School among its tenants. Symbiosis will also host the Vitae project, with
which Covivio won the prestigious "Reinventing Cities" competition in 2019. It
will develop a building for offices and research laboratories use on a total
surface area of over 10,000 sqm.

Patrizio Bertelli, main shareholder of Prada Holding S.p.A., said: "Twenty
years ago, the Prada Group decided to build its own business center and a
public cultural complex in the neighborhood overlooking Via Brembo - Via
Lorenzini, which today houses the Prada Foundation. For several years, looking
out from the terraces of the museum, we admired the large space of the disused
railway station, remembering the history of industrial Milan, in the hope that
its memory would not be lost; for this reason, when the Railways decided to
dismantle the area, we took action to find partners who would share with us the
purpose of preserving the harmony of the spaces, enriching the life of the
neighborhood, a purpose for which we decided to participate in this great
undertaking".

Manfredi Catella, Founder & CEO of Coima, said: "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. 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 program in residential
development. 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."

Alexei Dal Pastro, CEO Italy of Covivio, said: "This project is totally in line
with our Group's desire to keep Milan at the centre of our investment strategy
and to increase the percentage of A-grade assets in our portfolio. Our
objective is to develop the best destination in the city with a contemporary
spirit making Milan a place where people, spaces, opportunities and ambitions
are strongly connected. A project consistent with Covivio approach towards
sustainable urban regeneration that can return value to the city over time,
improving the quality of life and well-being of people who live and work
there".

CONTACTS

Press Relations
Géraldine Lemoine
Tél : + 33 (0)1 58 97 51 00
geraldine.lemoine@covivio.fr

Laetitia Baudon
Tél : + 33 (0)1 44 50 58 79
laetitia.baudon@shan.fr

Investors Relations

Paul Arkwright
Tél : + 33 (0)1 58 97 51 85
paul.arkwright@covivio.fr

Hugo Soussan
Tél : + 33 (0)1 58 97 51 54
hugo.soussan@covivio.fr

ABOUT COVIVIO

Thanks to its partnering history, its real estate expertise and its European
culture, Covivio is inventing today's user experience and designing tomorrow's
city.
A preferred real estate player at the European level, Covivio is close to its
end users, capturing their aspirations, combining work, travel, living, and
co-inventing vibrant spaces.
A benchmark in the European real estate market with 25 BnEUR in assets, Covivio
offers support to companies, hotel brands and territories in their pursuit for
attractiveness, transformation and responsible performance.
Build sustainable relationships and well-being, is the Covivio's Purpose who
expresses its role as a responsible real estate operator to all its
stakeholders: customers, shareholders and financial partners, internal teams,
local authorities but also to future generations and the planet. Furthermore,
its living, dynamic approach opens up exciting project and career prospects for
its teams.
Covivio's shares are listed in the Euronext Paris A compartment (FR0000064578 -
COV) and on the MTA market (Mercato Telematico Azionario) of the Milan stock
exchange, are admitted to trading on the SRD, and are included in the
composition of the MSCI, SBF 120, Euronext IEIF "SIIC France" and CAC Mid100
indices, in the "EPRA" and "GPR 250" benchmark European real estate indices,
EPRA BPRs Gold Awards (financial + Sustainability), CDP (A), Green Star GRESB
and in the ESG FTSE4 Good, DJSI World & Europe, Euronext Vigeo (World 120,
Eurozone 120, Europe 120 and France 20), Euronext(r) CDP Environment France EW,
Oekom, Ethibel, Sustainalytics and Gaïa ethical indices.
Covivio is rated BBB+/Stable outlook by Standard and Poor's.

Notations solicited:
Financial part:         BBB+ / Stable outlook by Standard and Poor's
Extra-financial part:   A1+ by Vigeo-Eiris

ABOUT COIMA
COIMA is a leading platform for the investment, development and management of
real estate assets on behalf of institutional investors. COIMA SGR, an
Investment & Asset management company, manages 27 real estate investment funds
with over Euro 7 billion in investments and counts in its portfolio over 150
properties, including 40 LEED certified properties. COIMA Srl, a development
and property management company, in over 40 years has developed and managed
real estate properties totaling over 5 million square meters. Among the most
important projects in which the platform has co- invested, co-developed and
still manages today is the Porta Nuova project in Milan, one of the most
prestigious urban requalification plans in Europe.

Coima contact
Newgate Communications
Elisabeth Cowell/Polly Warrack
COIMAFinancial@newgatecomms.com

ABOUT PRADA HOLDING S.p.A.
Prada Holding S.p.A. is the company, owned by the Prada-Bertelli family, which
controls Prada S.p.A., one of the world leaders in the luxury sector. The Prada
Group, to which the Prada, Miu Miu, Church's and Car Shoe brands belong,
produces and markets leather goods, footwear and clothing through its own
supply chain which has 22 owned factories. The Group also operates in the food
sector with the Marchesi 1824 brand, and in the eyewear and perfume sector on
the basis of license agreements.
Almost fourteen thousand employees operate in the Group and its products are
sold in 70 countries around the world through 641 directly operated stores
(DOS) as of 31 December 2019, the e-commerce of its brands, a selection of
luxury department stores, independent retailers in the local most exclusive,
and the most important e-tailers.
Prada S.p.A. is listed on the Hong Kong Stock Exchange as 1913.HK.

COVIVIO's latest news

30/04/2024 18:00

COVIVIO (EPA:COV) - Covivio, Coima SGR and Prada Holding S.p.A. win the tender for the purchase of the Porta Romana railway yard in Milan

Transparency directive : regulatory news

COVIVIO's latest news

Other stories