Sell Side of the Area of ex-Scalo di Porta Romana to a consortium comprised of Coima SGR, Covivio and Prada

Mediobanca has acted as sell-side advisor to FSSU on the sale process of the area of the ex-Scalo di Porta Romana.

On November 10^th, 2020, FSSU’s Board of Directors accepted the binding offer submitted on October 30th by Coima SGR S.p.A. on behalf of some institutional investors under management, Covivio and Prada, to purchase the area of ex-Scalo di Porta Romana for a total consideration of €180m, on a project worth ca. 1bn.

With 164,000sqm of Gross Floor Area, including residential, tertiary/services and retail, mainly free of existing buildings, Porta Romana aims to become the new southern gateway to the city of Milan. A portion of the area is intended for the construction of the Olympic Village, to host athletes participating to the Winter Olympic Games of Milano-Cortina 2026; after the Olympic Games, the investor will be able to reconvert the Olympic Village Gross Floor Area to social housing and student housing.

The process attracted the participation of more than 20 potential investors, which, together with the absolute standing of the participants, demonstrates the high interest in the area; the sale represents one of the largest transaction in RE performing development in Milan with an all-cash payment upfront for the seller in the recent years.

The deal further proves Mediobanca’s leadership in originating, structuring and executing Real Estate transactions covering the wide spectrum of the opportunities, either sell and buyside from pure development to super core-assets.