The property and infrastructure group will team up with the Italian firm – part of the Risanamento SpA Group – on a mixed-use development.
The pair will work on the first €150m (approximately £131.3m) phase of the Milano Santa Giulia project.
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The scheme includes the potential for two new medium-rise campus office buildings totalling 30,000 square metres, associated retail space and an option to acquire the completed Sky HQ.
It also builds on Lendlease’s well-established project management business in Italy, where it has been operating since 2000.
Lendlease will make a partial payment to enter the joint venture, which will develop the first phase.
This phase is known as the ‘south area’ and Lendlease will continue to maintain exclusivity on the second phase (the ‘north area’).