Sorgente Group and Bizzi & Partners Development lay down the foundations for an alliance aimed at recovering and developing the ex Falck Area within Sesto San Giovanni according to a master plan designed by architect Renzo Piano.
Valter Mainetti, majority shareholder and CEO of Sorgente Group and Davide Bizzi, President of Bizzi & Partners Development, signed a framework agreement yesterday establishing that Sorgente Group will be directly conducting the said operation with its own capital and not with the assets belonging to the real estate funds managed by its Asset Management Company.
Once the conditions set by the agreement are satisfied, Sorgente Group will come to form part of the shareholding of the ex Falck Area, controlling 21.77% of the land.
The project foresees the development of the area, even though the restoration of certain historic, residential and retail buildings situated in an urban park extending over 70 hectares and located close to a top health center called “Città della Salute”. According to the schedule agreement recently signed, the health center will be hosting the Istituto Neurologico Besta and the Istituto Nazionale dei Tumori as from 2019.
“For Sorgente Group, which has always been focused on the acquisition and management of trophy buildings, this “new city” covering one million square meters of built area and capable of hosting 28,000 residents, is a great opportunity for developing our strategy” Valter Mainetti declares.
“The program is complex and the duration exceeds 10 years, but the coordination of the operation conducted by a qualified partner like Davide Bizzi – the CEO of Sorgente Group underlines – guarantees the success of our investment which is an indicator of our belief in an improvement of the real estate market and in general Italy’s recovery from the financial crisis”.
Source: Sorgente Group