Generali Real Estate, the real estate asset manager of Generali Group, and Sonae Sierra, the international shopping centre specialist, have announced an agreement for the development and management of CityLife Shopping District, a unique, innovative and premium retail destination in Milan, in the heart of the CityLife project.
CityLife project, located in the north-western area of Milan, is one of the largest urban redevelopment and mixed-use projects in Italy and Europe. It also encompasses Milan’s most extensive pedestrian area and one of the largest Europe, with all road systems relocated underground.
CityLife is currently under construction, designed by international architects Zaha Hadid, Arata Isozaki and Daniel Libeskind, the project has a well balanced mix of uses, developed over 90.4 acres: three iconic office skyscrapers with a total of 130,000m², capacity for 9,000 people; 530 residential units already completed and delivered as well as a shopping district.
The CityLife Shopping District is expected to open in 2017. It will be the largest urban shopping district in Italy, comprising an enclosed mall split over two floors designed by Zaha Hadid Architects, connected by an amazing Piazza by One Works with an open air pedestrian mall designed by Studio Mauro Galantino, that links the heart of the project with the residential area and the city.
The Shopping District has a catchment area of 700,000 inhabitants and 32,000m² of GLA, it will offer an innovative tenant mix with 100 units devoted to shopping, restaurants, services, leisure and entertainment. The centre will include a multiplex cinema with 1,200 seats and a health club. The location is serviced with all types of public transportation, including bus, tram and the new Tre Torri stop of the M5 Lilca Milan subway. It will also have 900 underground parking spaces.
Christian Delaire, Generali Real Estate CEO commented: “We are very enthusiastic to partner with a top tier International player such as Sonae Sierra on this very emblematic asset, the CityLife Shopping District will be in the heart of the CityLife project and a unique format for Milan. It will also have an international breath representing the largest single retail investment in the Generali Real Estate portfolio”.
“We are honoured of partnering with Generali Real Estate in this iconic and unique urban redevelopment project. This agreement is in line with our strategy and reflects the market reliance on the expertise and long experience of Sonae Sierra, acknowledging our capacity and high effectiveness in the development and management of shopping centres” explains Fernando Oliveira, CEO of Sonae Sierra.
