Institutional portal - Municipality of Milan

Head to head at the auction with 52 bids from a base of 14,2 million euros. Tasca: “Satisfaction with the success in the sale. A historic place of great prestige comes back to life”

Milan, 18 December 2019 – The former Pavilion 3 of the Fair, known as the “Palazzo delle Scintille”, in the City Life district, was auctioned using the auction method. The winner, after a head-to-head with Allianz and 52 bids, was the insurance company Generali with a final offer of 30,1 million euros, starting from a starting price of 14,2 million euros.

“We are very satisfied with the result of the auction – states the State Property Councilor Roberto Tasca –. We are talking about a beautiful building recently renovated and subject to historical protection restrictions, which will have to host events. The objective is not only the economic valorization of the asset, but its return to the city through public functions that will be carried out by the buyer. Milan is experiencing a moment of particular vitality and the Administration's ability to direct private intervention increases the effectiveness of the interventions. The resources obtained will further improve citizens' services and I would like to point out that only some time ago it seemed impossible for a public administration to achieve such exemplary efficiency results in the valorisation of its assets. In this regard, I can only thank all the directors and officials of the Municipality, who work with me on a daily basis, for the high professionalism demonstrated. I believe it is a great ethical signal for the whole country."

It is the third time that the Administration has used the auction method for the sale or rental of state property. In this case it was a head-to-head match between Generali and Allianz who bid 52 times to win the property, starting from an initial starting bid of 14,2 million euros. The first phase of the auction saw the opening of the envelopes with the most significant initial economic offer of 15 million euros by Generali, which thus set the basis for the auction.

The former Pavilion 3, known as the "Palazzo delle Scintille" dates back to 1923 and is subject to historical restrictions by the Superintendence. It is arranged on four levels for 20 thousand square meters of surface area.