REDO SGR S.p.A. buys the former Greco-Breda railway yard

Milan, 1 July 2020

The former railway yard of Greco-Breda in Milan, owned by the FS Italiane Group, was sold for around 4.8 million euro to REDO SGR S.p.A.

The enhancement process got under way in 2017 with the signing of the Programme Agreement entered into by the Lombardy Region, the Municipality of Milan and FS for the regeneration of Milan’s seven railway yards (Greco-Breda, Farini, San Cristoforo, Porta Romana, Porta Genova, Rogoredo and Lambrate).

FS Sistemi Urbani, an FS Italiane Group company dealing with enhancing and marketing the Group’s real estate not associated with rail usage, has nominated the Greco-Breda yard for the first edition of the International Competition Reinventing Cities”, promoted by C40, which involves decommissioned or degraded sites being subject to environmental and urban regeneration projects, respecting the principles of sustainability and resilience.

“L’Innesto” was the winning project, presented by the team led by REDO SGR S.p.A., with plans to build a new social housing district, the first in Italy with zero emissions and consisting mainly of apartments for rent, with the development on the yard site of around 70,000 square metres, most of which will be destined to greenery, open spaces, pedestrian pathways and equipment for public use.

After the great success of the first edition, FS Sistemi Urbani nominated the former Milano Lambrate yard and the decommissioned areas of Roma Tuscolana for the second edition of the international Reinventing Cities competition.

REDO SGR S.p.A. is a benefit corporation that manages ethical real estate investments, creating social and shared value through the promotion of social housing and urban regeneration, respecting the environment and as a form of community activation and enhancement. This company manages the Fondo Immobiliare di Lombardia Comparto Uno (FIL1), the first ethical social housing fund promoted by Fondazione Cariplo and the Lombardy Region. The FIL counts amongst its shareholders major institutions such as the Fondo Investimenti per l’Abitare managed by CDP Investimenti Sgr and underwritten by Cassa Depositi e Prestiti for 1 billion euro, the same Fondazione Cariplo and Lombardy Region, Intesa Sanpaolo, Unicredit, Cassa Italiana Previdenza e Assistenza Geometri, Generali, Banco BPM, Aler Milano and TIM. The FIL adheres to the Social Housing Foundation, which works as an advisor for numerous FIL real estate projects.