Cushman & Wakefield’s Italian & International Capital Markets Teams have advised CPPIB on their investment in an Italian real estate fund dedicated to the development of Phase 1 (West Gate Area) of the Milan Innovation District (MIND).
The partnership with Lendlease (the other co-investor of the fund) is a step of fundamental importance for the development of the former EXPO 2015 AREA, which is poised to become the largest district for innovation and life science in all of Italy, and one of the most important in Europe, partly thanks to its unique synergies between important private and public institutions.
The whole district will comprise over one million sqm, including public and private institutions such as: the Human Technopole, the new “Statale University” campus and the “IRCSS Galeazzi” Hospital. The private component, which accounts for approx. half of the whole development, will integrate these public anchors with a specially designed functional mixed-use including, amongst others: office space, laboratories, residential, student housing, hotels and neighborhood retail.
The entire development, centered on innovation and life science, will also have a specific and integrated focus on sustainability, not only through the construction of cutting edge buildings, but also with regards to innovative public mobility solutions and public space management.
Carlo Vanini, Head of Capital Markets Italy, comments: “we are extremely proud to have assisted CPPIB on this important investment, which demonstrates how international investors are increasingly looking for opportunities in alternative asset classes such as Life Science, and how Italy, and in particular this area of Milan, are once again amongst the most attractive international locations”.
David Hutchings, Head of EMEA Investment Strategy, adds: “We are working with clients across Europe in identifying life science opportunities and Italy has been under represented for many despite it’s obvious potential and research track record. This ground breaking scheme by Lendlease and CPPIB will significantly help to fill that gap and put Milan in particular firmly on the life science map.”