From EIB and Cdp 215 million to build the new Milan University Campus

To support the creation of new teaching spaces for university students and researchers as part of a broader urban regeneration project for the city of Milan, focused on environmental sustainability. This is the purpose of the EUR 215 million loan granted by the European Investment Bank (EIB) and Cassa Depositi e Prestiti (Cdp) to Academo Srl, the project company set up by Lendlease and the Equiter Infrastructure II Fund (managed by Ersel AM), to which the University of Milan has awarded the concession for the design, construction and management of the science and technology campus that will be built in the area known as Mind - Milano Innovation District.

This financing represents the last step in the planning phase of the operation coordinated by Lendlease, which envisages a total investment of over EUR 450 million. In detail, the EUR 215 million of new resources will be granted as follows: a direct loan, on a project finance basis, which is divided into a first tranche granted by the EIB of EUR 95 million and a second tranche of a further EUR 95 million granted by Cdp, with funding made available by the EIB itself. The investment will thus benefit from European Investment Bank funding on subsidised terms for a total of EUR 190 million over a long-term horizon, thus reducing the cost of the project to be borne by the public grantor. The credit line made available by Cassa Depositi e Prestiti will in turn benefit in part from the guarantee of the InvestEU Fund, the European Commission's programme for boosting private investment in the European Union that aims to promote competitiveness and growth in the long term. In addition, Cdp will provide a EUR 25 million VAT line for the project.

The redevelopment project of strategic importance for the Lombard capital will allow the State University of Milan to create an innovative structure capable of concentrating multidisciplinary scientific competences in a single location, transferring teaching and departmental research activities as part of an overall university development programme.

The new Campus will be fully operational by the end of 2027 and will accommodate over 23 thousand people including students, researchers, lecturers and staff. It will cover a built surface area of 190 thousand square metres with laboratories for advanced research, over 8 thousand square metres of library, auditorium and common areas, plus green spaces and a botanical garden. The architectural vision is signed by the Cra - Carlo Ratti Associati studio. The project is a candidate to obtain the Gold level energy-environmental certification of the international Leed protocol by a third-party certifying body, and will be equipped with an energy production system from renewable sources, such as photovoltaic panels and groundwater. In addition, the vehicles that will circulate within the campus, served by the new Mind Merlata Link Station, will be almost exclusively electric, helping to generate energy savings on average 24% higher than the standard reference buildings. The operation, which is consistent with Cdp's Strategic Plan 2022-2024 and with the objective of supporting the university and research system of the EIB, follows the intervention priorities identified in Cdp's Strategic Sectoral Guidelines on Social Infrastructure for the enhancement and modernisation of academic institutions.

"The EIB has a long history of supporting education in Europe, with over 20 years of dedication to the sector. Over the past 10 years, we have allocated EUR 3 billion in support of Italy's education system, focusing on modernisation, security, energy efficiency, the construction of new student accommodation and the expansion of teaching and research infrastructure," said Alessandro Izzo, EIB Director in charge of Equity, Growth Capital and Project Finance operations.
"This initiative, following the recent agreement with the National Strategic Hub, also reaffirms the EIB's role as a key financial partner in project finance operations, with the aim of promoting this financial technique in support of strategic projects and partnerships in the country. Thanks to our synergy with the European institutions, we have been able to support the University of Milan and Academo in the implementation of a public-private partnership project that is significant for the area and has a high impact, the main objective of which is to improve student life at the University's new science faculty building," said Carlo Lamari, Cdp's Head of Infrastructure. "The transaction announced today is fully consistent with the guidelines set out in our 2022-2024 Strategic Plan and further confirms Cdp's ongoing commitment to supporting the development and modernisation of the country's social infrastructure".
"With the important milestone reached today, the framework of the project's financing sources that will ensure its realisation is consolidated," said Francesco Mandruzzato investment management director of Lendlease and managing director of Academo. "With the confirmation of prestigious institutions such as Cdp and Bei as lenders, and of the Equiter Infra II fund as investor, the group of partners around which this project will see its completion over the next three years is definitively completed.