Lendlease established a joint venture with Canada Pension Plan Investment Board for the investment in a dedicated Italian real estate alternative investment fund pursuing the development of Phase 1 of the West Gate area of the Milano Innovation District (MIND). The joint venture between Lendlease and CPP Investments builds upon a strong relationship already established across projects at both Barangaroo in Sydney, Australia, and Elephant Park in London, U.K. Housed on the former 2015 World Expo site, MIND is set to become a leading innovation district anchored by life sciences and technology. The development will comprise over one million square metres in surface area when including the public institutions. Lendlease's private development rights cover around half the district's area, which is 480,000 square metres, with an estimated development end value of circa €2.5 billion. Public and private institutions form the foundation of MIND, which will deliver the new university campus of the Statale University for more than 18,000 students and the IRCSS Galeazzi hospital with more than 500 beds. The district will also be home to the Human Technopole, Italy's new research institute for life science and other research centres; as well as the Federated Innovation™, an innovation ecosystem where more than 100 companies will be focused on co-creating discoveries in technology and life sciences. Offices, laboratories, new homes, retail, and public realm elements will sit alongside public institutions in a precinct where up to 60,000 people will live and work each day. CPP Investments and Lendlease have agreed to jointly invest circa €400 million of equity as a 50:50 joint venture in the Fund for the development and long-term ownership of approximately 150,000 square metres of the 480,000 square metres that Lendlease has private development rights for. The Fund will develop part of the West Gate area of MIND; the mixed use area will become a recognisable destination for researchers, workers, residents and other visitors to the district's west entrance. The Fund will be managed by Lendlease Italy SGR SpA and Lendlease Services Srl will undertake the role of development and project manager. Sustainable design will be a major feature of MIND, in line with Lendlease's global target to be a 1.5°C aligned company. MIND is planned to be a zero-carbon precinct powered only by renewable energy sources; a private smart grid is being developed on site as well as a next-gen low temperature, high efficiency district heating and cooling network. Renewable electricity will come from a variety of sources including solar panels on site. Lendlease aims to create value where communities thrive by delivering best in class urban regeneration precincts in its key global gateway cities. The Group's ability to deliver major urbanisation projects through its integrated business model, together with more than two decades of experience creating large scale mixed use urban precincts has enabled the Group to deepen its expertise and sophistication to become the preeminent urbanisation specialist. With end-to-end capabilities across all aspects of real estate – from concept and planning, to design and delivery through to funding and investment management, Lendlease is able to generate superior economic, social and environmental outcomes. As a result, the company is using that expertise to convert and deliver a £27 billion pipeline of work in Europe alongside new and existing capital partners.