Eurohypo has been awarded the mandate to arrange the financing of the latest high-profile building project in Italy. The bank will be the finance provider for CityLife in Milan, the biggest project of its kind in Italy with total investment costs amounting to almost €2 billion.
CityLife involves the large-scale redevelopment of the former exhibition site in the city centre of Milan. The 255,000m2 plot will eventually house 345,000 m2 of residential accommodation, office and retail space to be built over a period of approximately seven years. The central location makes this a particularly attractive site for apartments, offices and retail outlets.
The CityLife project company is a joint venture of the Generali and Allianz insurance groups, Fondiaria SAI (the No. 3 insurance group in Italy) and construction group, Lamaro, which has a high national profile.
World-renowned architects including Arata Isozaki, Zaha Hadid, Pier Paolo Maggiora and Daniel Libeskind have worked on the CityLife project and their designs will make their mark on the skyline of Milan with the highest and architecturally most challenging office towers in Italy.
The deal once again confirms Eurohypos strong market position as a leading European real estate finance provider. Today, we play a part in almost all major transactions in the countries in which we operate, making us the first address for national and international finance projects on the strength of our European market leadership, commented Bernd Knobloch, Chairman of the Eurohypo Management Board and member of the Commerzbank Management Board.