Controlling finance of Italy's biggest construction project: Citylife

On September 12, 2006 Eurohypo awarded Drees & Sommer the contract for financial controlling of the Citylife project in Milan, Italy's largest urban development project.

Eurohypo is financing the lion's share of the megaproject with Euro 1.8 billion. Active controlling of the construction costs of Euro 700 million by Drees & Sommer will ensure that the client's requirements regarding costs, schedule and quality will be met by the scheduled completion  of the new district in 2014, ensuring economical buildings of high quality. The remaining finance for the Euro 2 billion project being borne by eight other banks. "Our long experience makes it possible for us to safeguard finance of this scale for Europe's leading bank for real-estate and state financing," said Jürgen Kreisel, General manager of Drees & Sommer Italy.

Architects Arata Isozaki, Daniel Libeskind und Zaha Hadid have been commissioned with  overall development by the three insurance groups Allianz, Fondiaria and Generali. A futuristic district with three high-rise buildings, cultural facilities, shopping centers, offices and apartments will be created on the 255,000 sqm site of the former fairground. Up to 14,000 people will live, work and be involved in leisure activities there. Applications for planning and building approval have been lodged prior to soil rehabilitation in October and the start of construction in Spring 2007.

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