COIMA, Redo agree to take forward MilanoSesto, Italy’s largest urban regeneration project
COIMA SGR and Redo SGR, a firm focusing on affordable housing and social impact urban regeneration, have agreed to a major deal to take forward MilanoSesto, Italy’s largest regeneration project.
The deal sees COIMA and Redo acquiring 100 percent of MilanoSesto SpA, the company that owns the vast majority of the site, from Hines Iron MilanoSesto Associates. The two partners have also reached an agreement to acquire 27,000 square meters (291,000 square feet) of land, part of a site called UnioneZero, which is designated for social housing from Hines and Cale Street. Altogether, this means COIMA and Redo have ownership of 90 percent of the regeneration development.
A former industrial site, MilanoSesto is in the northeast of Milan’s metropolitan area, with a total area of more than 1 million square meters (11 million square feet). The agreements will bring renewed impetus to Italy’s largest urban regeneration project and one of Europe’s most significant