The project envisages the maximum possible reuse of the existing structures, for a total planned GFA of approximately 39,600 sq m.
The project consists of the integrated redevelopment of the former historic industrial complex Linificio Canapificio Nazionale in Fara Gera d’Adda, one of the largest textile manufacturing facilities in Europe (46,000 sqm of current GFA), located along the canal within the Parco Adda Nord.
The intervention entails its transformation into an integrated urban ecosystem, with a predominant focus on healthcare, residential, social, and cultural uses, capable of generating diversified and continuous user flows, real estate value, and territorial impact.
The project envisages the maximum possible reuse of the existing structures, for a total planned GFA of approximately 39,600 sq m.
Investment objective: to develop an integrated, multi-user urban ecosystem capable of generating stable and countercyclical returns through:
long-term leases (nursing homes, outpatient clinics, sports centers, research facilities)
hospitality and niche residential offerings (bike hotel, B&B, senior living)
a share of residential units and offices for sale
The model aims to maximize territorial attractiveness through open services, permanent flows, and a mix of functions, while avoiding single-user risk.
The proposed transaction involves the acquisition of the property, with a comprehensive renovation and value enhancement through a 15-year lease of the entire portfolio, as well as the sale of the residential area in the third year, a factor that increases the overall IRR. Financial leverage at 40% of the total cost, at a subsidized interest rate, amplifies the return, increasing the IRR from 5.51% unlevered to 6.62% levered.
Fara Gera d'Adda is a town of about 8000 inhabitants, located on the left bank of the Adda River about 20 km from Bergamo located at the center of a highly dynamic business district with a high per-capita income, situated between Milan, Monza, Bergamo, and Lodi, the asset lies in a natural area along the Adda River. It is connected to cycling and pedestrian routes (Leonardo Ecomuseum, AIDA Cycle Route, St. Alexander’s Way) as well as to the historic town center through multiple access points.
The National Linificio Canapificio, a factory built at the end of the 19th century to exploit the waters of the Adda River for the production of linen and hemp textiles, was the town's main source of employment until its closure at the end of the 20th century.
Private
Tourism/hospitality, Education and training, Healthcare, welfare facilities and senior housing, Retail and services, Sports, leisure, events , Residential, Offices
Operators, Developers, Investors
Restauro, Rigenerazione urbana e sviluppo, Redevelopment, Demolition and reconstruction
Location, Sales
80.000.000 - 90.000.000
Yield rate: Unlevered IRR: 5.46% and Levered IRR: 6.56%. Total project cost: €85.3 million.
Lombard-industrial heritage of symbolic value;
Scenic setting along the river;
Proximity to the Milan, Monza, Bergamo, and Lodi area network.
2023
27/01/26
