For the first time ever, a public-private partnership undertakes an urban regeneration project
A new frontier in the relationship between the public and private sectors, with the goal of maximizing public interest through the investment of private funds
Milan, 29 December 2022 | Nhood, a real estate service company and international developer specialized in urban redevelopment, part of the AFM (Association Familiale Mulliez) corporate group, is announcing today that the real estate and financial company Ceetrus Italy has obtained from Ferrovienord, a wholly-owned subsidiary of FNM S.p.A., a positive feasibility assessment for a proposed public-private partnership aimed at building and managing a railway covering platform along the regional line, in the area between the Milan Cadorna train station and the bridge located in Via Mario Pagano.
According to Ferrovienord, the feasibility of the proposal “is based on the relevance and compatibility of the intervention with the institutional goals of managing and maintaining the railway infrastructure.” Besides, the board of directors of Ferrovienord has decided to submit a specific request to the Lombardy regional administration, asking it to champion the pursuit of a framework agreement, with the participation of all competent bodies, to extend the process established by the Public Procurement Law.
Based on the submitted proposal, which is going to be examined by the competent bodies as established by the framework agreement, a platform with a total surface of around 650 thousand square feet will be built to cover the railways, around 320 thousand of which will host a new urban park. The proposed effort will include the activation of new services with an expected total surface of around 650 thousand square feet, including houses, accommodation facilities, small businesses and other services, for neighborhood residents, citizens and the over 150 thousand commuters who pass through the station every day. A new mixed transportation hub will be created, which will host an “Oxygen Factory”, a science research and outreach center focused on carbon footprint reduction through the application of the most cutting-edge technologies, in collaboration with the Milan Politecnico University.
The proposed effort is part of Project Fili, championed by FNM S.p.A., one of the most important urban and extra-urban regeneration efforts in Europe.
The total value of the intervention is around €800 million, including a proposed government contribution of around €180 million.
Thus, the city of Milan and the Lombardy region find in Ceetrus Italy an institutional investor to create public infrastructure and execute an urban regeneration effort, both of which are almost unparalleled in Europe. An initiative that pushes the relationship between the public and private sectors to a new frontier, in line with the vision of the real estate company Nhood, based on which urban regeneration means maximizing public interest through the investment of private funds.
With this proposal, Nhood adds a third project to its development efforts in the Lombardy region capital, after winning the 2021 tender for the LOC-Loreto Open Community project, focused on the regeneration of Piazzale Loreto in Milan, and announcing the launch of the Dropcity – Architecture and Design Center project in 2022.
The project has been submitted by Ceetrus Italy thanks to a team of nationally and internationally renowned consultants: Arcadis, Corris, LAND, MIC-HUB, Stefano Boeri Architetti, Studio Ammlex, Studio Amministrativisti Associati, Studio Pettinelli, with the Milan Politecnico and Milan-Bicocca Universities.
Nhood Services Italy is one of the main real estate players in Italy, specialized in real estate services and development, such as urban regeneration, as well as an established retail player. In all of its efforts, Nhoods acts so as to generate a triple positive impact: on people, on the planet, and on prosperity. Nhood is part of AFM (Association Familiale Mulliez), which includes around 200 companies in 52 countries, such as Decathlon, Leroy Merlin, Brico, Norauto, Midas, Kiabi, and others. Worldwide, Nhood has 1,000 collaborators in 10 countries and a portfolio of 400+ assets, for a global property value of around €10 billion. In Italy, where it is based in Milan, Nhood is managing 37 retail assets with a total property value of around €2 billion, and it is working on several urban regeneration efforts, including the redevelopment of Piazzale Loreto in Milan, the development of the new Urban Smart Mall Merlata Bloom in Milan, and the regeneration of around 110 thousand square feet of the Magazzini Raccordati area of the Milan Central Station within the Dropcity – Architecture and Design Center project.
Ceetrus is an international real estate company which invests mainly in retail real estate, urban redevelopment and mixed efforts. It operates both individually and as team leader, establishing partnerships both in the private and public sectors. The main goal of the company is to generate economic and social value, fulfilling the needs of the communities and the areas in which it operates.
PR CONTACTS FOR CEETRUS-NHOOD ITALY
PR – Media Relations Manager Nhood Italy
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