The real estate arm of Italy's largest insurance group Generali has finalised the purchase of a further 27.2% interest in the flagship CityLife urban regeneration project in Milan for a total of EUR 110 mln. The vendor is insurance group Fondiaria Sai. The closing follows the go-ahead from antitrust authorities in early July.

The deal gives Generali Properties full control of the development project, with a total stake of 68.5%. German insurance group Allianz owns the remaining 31.5%.

The CityLife project involves the redevelopment of the historic Fiera district in Milan's city centre which was vacated after the city decided to relocate the trade fair activities elsewhere. Designed by star architects Arata Isozaki, Daniel Libeskind and Zaha Hadid, CityLife encompasses 255,000 m2 of residential and commercial space.