• Building permit for Winter Olympic Village granted
• Main contractor appointed
• Development of the athletes' village is four months ahead of schedule, with construction starting this month

Milan, 3 January 2023 – The Porta Romana real estate investment fund – managed by COIMA SGR, with Covivio, Prada Holding and the COIMA ESG City Impact fund as investors – has obtained a building permit, together with a number of other planning agreements, from the Municipality of Milan for the 2026 Winter Olympic Village. This follows an application submitted in October 2021.

The Fund has also signed the main construction contract for the project with a group of companies made up of Impresa CEV SpA, Grassi e Crespi Srl and Milani Impianti Srl, which will work in collaboration with the co-developers COIMA and Covivio.

With early works and excavation already underway on site following special permission to start preparatory works ahead of the building permit being granted, this milestone means that development of this major project is currently four months ahead of schedule. The deadline for the Olympic Village to be handed over to the Milano Cortina Foundation is July 2025; construction works will start in earnest in January 2023; and the excavation and bulkhead works will be completed before the end of February.

The project therefore continues in full compliance with the timescales set out in the agreed programme and in full collaboration with the Lombardy Region, the Municipality of Milan, the Milano Cortina Foundation, the Ministry of Sport and the FS Italiane Group.

The development of the Porta Romana railway yard is being financed by Intesa Sanpaolo, which is supporting COIMA SGR, Covivio and Prada Holding S.p.A. through a sustainability-linked loan related to the project’s sustainability criteria.

The sustainability system of the masterplan defines and measures environmental and ecological objectives with performance indicators (KPIs) that guide the design and construction process.

In addition to meeting and integrating every requirement of the programme agreement for the Porta Romana railway yard, the environmental and ecological objectives align with the protocols of the Paris Agreement, the European Green Deal and the National Recovery and Resilience Plan defined at the SDG level of the United Nations.

The development of the yard focuses on:

• decarbonisation consistent with local climate conditions;
• creation of a resilient community that promotes the health and wellbeing of citizens;
• circular approach that brings value in the short and long term;
• support for biodiversity, enhancement of natural capital, forestry and urban agriculture solutions.

For further information on the rail yard regeneration project, visit www.scaloportaromana.com/en, which is constantly updated on the status of the works.