RENOVATION PROJECT OF THE FORMER PALACE OF CREDITO ITALIANO IN MILAN REVEALED
The historic building in Piazza Cordusio will become the new reference point for retailers, professionals, tourists and Milan citizens
Milan, May 8, 2019 –Fidelidade, the largest Portuguese insurance company and a subsidiary of Fosun International Limited, the family-focused multinational company, officially presented to the public the € 100 million project to renovate the building that was the head office of Credito Italiano in Piazza Cordusio, Milan. In 2015, Fidelidade acquired the building block from IDeA Fimit SGR – Fondo Omicron for € 344 million. Then, the building was contributed into Fondo Broggi, managed by DeA Capital Real Estate SGR, a company of the Gruppo De Agostini that specialises in real estate investment pools, with a market share higher than 22.5%
The urban renovation project involves one of the most representative historic and architectural buildings of Milan, consisting of three connected structures dated back to different ages: the main building is the former head office of Credito Italiano (1901, designed by architects Luigi Broggi and Cesare Nava) that borders in Via Tommaso Grossi with the building of Magazzini Contratti (1903, Luigi Broggi). Combining the most recently built (1960, Giovanni Muzio) wing of the building comes the total surface reached an area of 55,000 square meters set between Piazza Cordusio, Via Grossi, Via Santa Margherita, Via San Protaso and Via Porrone.
THE MEDELAN (from the first name of Milan, dating back to the Celts, 590 B.C.) is the name given to the project that originates from this renovation or transformation carried out in cooperation with GLA, Genius Loci Architettura. An exclusive mixed-use building, a contemporary urban chef-d’oeuvre to integrate the historic architectural elements of the building with modern, innovative and environmentally sustainable features. It will host spaces for stores, offices and leisure facilities. More in details, the basement and the first floor (over 12,000 square metres) will be assigned to retail; new-concept offices will be located on the floors, from the second to the fifth (over 20,000 square metres); the sixth floor (over 2,000 square metres, partially covered), will be host to a glamorous and innovative restaurant with a terrace and a unique view over the city. The remaining spaces will be used for parking areas, technical rooms and the internal gardens of the building.
Architecturally, the renovation will preserve the building facades with their original features, decorations, splendour and beauty to keep the historical value of the palace over time. The most cutting-edge technologies and materials will be used, in compliance with the top LEED-Platinum standards(namely the US-system A+-class certification as for energy efficiency and building environmental impact). The former building of Credito Italiano will unveil several traces of its glorious past full of history, to be found through the floors of the building, from the vault to the terraces located on the last floors. This is how, the spirit of this landmark will rise again in all its splendour, adorned with special meanings that the spaces will be available once more for contemporary Piazza Cordusio users.
Most importantly, the size, its flexibility and the chance to use both indoor and outdoor areas is what will distinguish THE MEDELAN from other historic buildings used for offices or retail, located in the Milan city centre. In fact, the building will also house wide spaces for offices with a new design and layout, whose position is inspired by the needs of companies and professionals 3.0 who are an active, demanding and ever-changing target looking for innovative and smart solutions. There will also be retail areas to host new business and Food & Beverage formats, about to enter the Italian market. In addition, we will also find spaces for events, to enhance the visitors’ experience in a renowned context that will attract many tourists and Milan citizens.
The project aims at turning THE MEDELAN into a place open to the world, a building that people can experience 24/7. A place in the centre of Milan where you can go and create, reflect, get inspired, interact and have fun. A building from the last century that will reinvent itself as a new and state-of-the-art reference point in the inner city of Milan.
At full speed, THE MEDELAN will host approximately 2,000 total workers in a location, Piazza Cordusio, among the most active and popular areas of the town with over 20 million annual visitors. It will have positive effects on the economy and employment in Milan.
Moreover, THE MEDELAN is included in a wider upgrading plan, based on a public-private partnership still being defined and led by the Municipality of Milan, to renew the urban aspect of one of the top strategic central squares of the town, Piazza Cordusio and surrounding streets. In fact, the operation aims at returning to Milan citizens a Piazza Cordusio to enjoy, a more comprehensible and less noisy place, and a new no traffic zone through which visitors will have the chance to appreciate and fully enjoy the new beating heart of business, shopping and international tourism.
Pietro Clemente, Fosun Hive Italy Executive Director of Asset Management stated: “The Medelan is one of the most relevant projects ongoing in Milan, not only for its economics but also concerning the impact over a strategic central part of the city, the area around Piazza Cordusio, one of the most symbolic areas where Milan is showing its evolution in line with the most dynamic European cities. What we are carrying out is a real placemaking project, a regeneration scheme that will literally give back to the city one of its most ancient sites, a place that has been the heart of Milan since the initial Celtic settlement and which made the history of the city as its core financial center. Bringing this unique urban block back to a fundamentally recent shine is a challenge that Fosun Hive is proud to carry on. We are acting through a mix of attention to local tradition and to the most innovative technological solutions, providing high-quality products and services for Milan and families around the world.”
In 2015, Fidelidade, the largest Portuguese insurance company, acquired the building block from IDeA Fimit SGR for € 344 million. Then, the building was contributed into Fondo Broggi, managed by DeA Capital Real Estate SGR, a company of the Gruppo De Agostini that specialises in real estate investment pools, with a market share higher than 22.5%.
Fidelidade – Companhia de Seguros, S.A., is the leading insurance company in Portugal with more than 30% of market share. Company’s activities include acquisition and management of Real Estate Assets for investment purposes or intended to Fidelidade’s use and provision of Real Estate related services to other Fidelidade’s subsidiaries. The real estate arm of Fidelidade is Fidelidade Property who aims to become a State of the Art Global Real Estate Investor and Asset Manager. During the last years, Fidelidade Property has been an active player in the global Real Estate Market. Currently, Fidelidade Property has circa €2.2 billion under management worldwide.
Fosun was founded in 1992. Fosun International Limited is a family-focused multinational company that has been listed on the main board of the Hong Kong Stock Exchange (00656.HK) since 2007, with total assets over RMB638.8 billion (c.US$93.1 billion) as of 31 December 2018. With its roots in China, and through technology and innovation, Fosun’s mission is to create customer-to-maker (C2M) ecosystems in health, happiness and wealth, providing high-quality products and services for families around the world. Fosun International ranks No.416 on the 2018 Forbes Global 2000 List. For further information, please visit www.fosun.com
About DEA CAPITAL REAL ESTATE SGR
DeA Capital Real Estate SGR S.p.A. is the Real Estate Fund Management Company leader in Italy with a market share of a 22.5%. The Company manages 9.5 bln euro assets in 47 real estate funds 2 of which are listed on the Italian Stock Exchange MIV segment.
The assets are invested in Core and Core Plus type (properties with high liquidity reduced use of leverage and located in the center of Rome and Milan) with particular attention to the quality and reliability of the tenants.
Dea Capital Real Estate SGR – 100% controlled by De Agostini Group – is the privileged interlocutor with Italian and international institutional investors in the promotion, establishment and management of real estate investment funds: it boasts a wide range of partners consisting of about 220 institutional investors.
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