
The real estate group will not take over the project. 90 million in proceeds for Lendlease at risk
AI-generated summary
The agreement provided for the transfer of the shareholding in the development rights of the Milano Santa Giulia project.
The agreement with Bizzi & Partners has fallen through, the Italian real estate group will no longer take over from Landlease in the Milano Santa Giulia (Redevelopment) project. The Australian fund announces "the termination of the agreement relating to the sale of its interest in the development rights of the Milano Santa Giulia mixed-use project (MSG North), held through the Heartbeat Fund in Milan, Italy".
As a result, Lendlease will no longer collect the cash proceeds, estimated to be approximately $90 million, that were expected for the first half of fiscal 2027.
"Lendlease - it specifies in a note - is evaluating alternative operations for the MSG North project" and warns that if an alternative operation is not completed by December 31, 2026, it is likely that Lendlease will have to meet obligations related to the project for an amount of approximately 160 million dollars in the first half of the fiscal year 2027.
AI outlook — possibilities, not facts
Evaluation of alternative operations for the MSG North project by December 31, 2026
Likely · Within months

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