Generali takes on urban development project

Generali Properties, part of the Italian insurer, will become the sole owner of CityLife, the company managing the biggest urban development project in Milan.

Allianz will purchase the Isozaki Tower and part of the residential district within the CityLife area, as per agreements communicated in November 2013.

In addition, CityLife has reached binding agreements with the financial institutions providing financing for the project development to redefine certain terms and conditions of the original

Alberto Minali, group chief financial officer of Generali, said: “Today a new chapter in CityLife’s history begins. By taking full ownership of CityLife, and complete control of the development project, Generali demonstrates its commitment to bring to fruition this impressive new community in Milan. CityLife is now fully backed by one of the world’s leading insurance companies and can count on sound sources of funding – two factors enabling a successful conclusion to the development plan.”