On June 1, 2026, the transfer of the remaining undeveloped areas of Milano Santa Giulia from Lendlease to Bizzi & Partners was formalised. The transaction is valued at approximately €154 million, with the Australian group recording an estimated loss of AUD 175 million. Davide Bizzi inherits a complex masterplan: 385,000 sqm to build, an estimated €1.8 billion in investment required.
With a deal formalised on June 1, 2026, the Australian group Lendlease transferred the development rights over the remaining undeveloped areas of Milano Santa Giulia to Bizzi & Partners, the real estate company led by Davide Bizzi. The transaction closes a chapter that had been dragging on for months, embedded in a broader strategy of European and North American asset disposals announced by the Sydney-based group, which intends to concentrate capital and resources on its domestic Australian market.
The gross transaction value amounts to approximately AUD 250 million, equivalent to approximately €154 million. The financial structure includes Bizzi & Partners' acquisition of Lendlease's stake in the Heartbeat Fund — which holds the development rights for the MSG North precinct — for a cash consideration of approximately AUD 90 million net of taxes, the assumption of project debt of approximately AUD 160 million, and the financing of future remediation and infrastructure works. For Lendlease, the deal translates into an estimated post-tax operating loss of approximately AUD 175 million, to be booked in fiscal year 2026.
The agreement also involves Risanamento S.p.A., which has entered into a separate agreement with the investment vehicle coordinated by Bizzi & Partners, providing for the MSG Heartbeat Fund to acquire Risanamento's residual property rights over the remediation plots in the so-called North Lots by September 30, 2026.
The project changing hands is one of the largest and most complex in the recent history of Italian urban regeneration. Launched in 2004 under Luigi Zunino, the Santa Giulia masterplan has already seen the delivery of key infrastructure — including the arena that hosted ice hockey at the Milan-Cortina 2026 Winter Olympics, now owned by Eventim — but a great deal remains to be built. The remaining buildable floor area amounts to approximately 385,000 sqm, broken down as follows: over 277,000 sqm of residential (approximately 3,000 apartments), 59,000 sqm of retail, 30,657 sqm of offices, 17,500 sqm of hospitality, all integrated with over 200,000 sqm of public green space. The total investment required to complete the development is estimated at approximately €1.8 billion.
For Davide Bizzi, the transaction represents a large-scale return to brownfield development, following his 2018 exit from the former Falck area in Milanosesto, sold to the Hines-Prelios consortium. Market sources indicate that the fund management vehicle for the development will be Kryalos, led by Paolo Bottelli, with Intesa Sanpaolo as lead bank and Middle Eastern capital involved in the financing structure.
Lendlease's exit from Santa Giulia has reignited attention on a second, even more strategically significant Milanese project: the MIND — Milano Innovation District — developed on the former Expo 2015 site. There are currently no official communications regarding a possible Australian withdrawal from MIND, where development is well advanced, with the Galeazzi hospital operational and the University of Milan campus under construction. But the Santa Giulia precedent has inevitably brought the question back to the table.