International law firm Simmons & Simmons has overseen a half billion euro sale of two former railway sites in Milan, which are set to be developed to support major regeneration projects in the city.
Simmons advised FS Sistemi Urbani, a subsidiary of FS Italiane – Italy’s state-owned railway company – on the sale of two former railway yard sites in the city, Farini and San Cristoforo.
A lead bid of €500m was secured from a team composed of UniCredit, Hines and Prelios. The deal is expected to be finalised by March 2024.
The sites (360.000 square metres) would represent one of the most significant urban regeneration initiatives in Europe, with potential to support businesses and innovative private projects – as well as public projects, such as social housing and an extensive park.
As part of the transformation project, the former railway sites will be integrated with the surrounding Milan metropolitan area, erasing the boundaries between previously separate parts of the city.
It is one of the largest Real Estate development transactions in Milan as well as the largest Real Estate transaction in Italy for 2022-2023.
Simmons’ leading Milan real estate team advised the sale, led by real estate partner Emanuela Molinaro together with supervising associate Enrico Stefanelli.
