Lendlease, Australian construction, property and infrastructure group has signed the agreement to develop EUR2.5 billion Milan Innovation District (MIND) PPP project. MIND is a major new district for science, knowledge and innovation on the former 2015 World Expo site in Milan.

The agreement confirms Lendlease’s position as preferred development partner for the urbanization project, which has an end value of EUR2.5 billion. The project is a multi-phased, mixed-use redevelopment that is expected to include commercial, residential, retail and public realm.

Financial close for the project is subject to planning approval. A decision is expected to be made later in the year. Once approved, work could begin as early as 2021 and is expected to take 15 years to complete.

In November 2017 Lendlease announced a first stage Consultancy Agreement, which included the development of the masterplan design and business plan.

2015 Expo site is located in the north-west of Milan and occupies the 100-hectare site. The site already has transport links and infrastructure.

The site for Expo 2015 was acquired by the agency Arexpo, which was established in 2011 to acquire and develop the land for the Expo. Arexpo has the task to enhance the area that hosted Expo 2015 and to convert it into a scientific and technology centre of global excellence which will host a hospital, university and international research centre with new housing, student accommodation, business and retail. Arexpo has chosen Lendlease to assist in post Expo transforming of the site.

Dan Labbad, CEO for Lendlease Europe, said: “Work is already underway on our plan to create an exceptional new district in Milan. The Milan Innovation District is a scheme with huge potential and one where, working alongside our partner Arexpo, we are looking to build a world-leading centre of scientific excellence alongside an outstanding and active mixed-use neighbourhood.”