BOCCONI CAMPUS DEVELOPMENT

Promoter – Financial Intermediary

UNIVERSITA COMMERCIALE LUIGI BOCCONI

Location

• Italy

Description

The project supports the modernisation of the Bocconi University campus in Milan. It concerns the demolition of two existing large faculty buildings and their reconstruction as modern energy efficient buildings providing new facilities for academic, research and administrative use. In addition, the project also includes smaller investments in the renovation of other buildings.

Additionality and Impact

The Project concerns new construction, renovation and refurbishment of buildings within the campus of Bocconi University in Milan. By providing modern facilities and additional space for teaching and research, these investments are expected to improve the learning experience and quality of education in Bocconi, creating positive externalities, as the provision of education benefits the society and the broader economy. Additionally, given Bocconi's close relationship with the world of work, the project could potentially foster job creation and improve economic growth. Finally, since the new and renovated buildings will be energy efficient, the project also contributes to the construction of a more sustainable future. The Project contributes to the EIB's Innovation, Digital and Human Capital Public Policy Goal and Climate Action and Environmental Sustainability cross-cutting objective and is aligned with the European Higher Education Area and the new European Skills Agenda.

The proposed operation satisfactorily meets the required funding needs of the Promoter as it provides for the necessary flexibility in terms of long tenor and repayment profile, together with a sizeable financing volume. Furthermore, the EIB's involvement in the financing is expected to send a signalling effect to other potential lenders by also providing a quality stamp on the Promoter's activity.

Objectives

The project contributes to the European Higher Education Area and the European Research Area by providing modern facilities and additional space for quality teaching and research in a key higher education institution in Italy. Additionally, the project is expected to significantly improve energy efficiency of the university campus, reducing the energy consumption. As a result, the project will also contribute to the environmental targets of the EU.

Sector(s)

• Education - Education

Proposed EIB finance (Approximate amount)

EUR 50 million

Total cost (Approximate amount)

EUR 113 million

Environmental aspects

Directive 2011/92/EU amended by Directive 2014/52/EU on Environmental Impact Assessment (EIA) does not specifically cover university infrastructure, leaving it at the discretion of the responsible competent authorities to request an EIA on the basis of the location and scale of the works concerned. However, university and educational infrastructure may fall under Annex II of the Directive with respect to urban development. The public buildings will be required to at least meet the energy efficiency targets as defined in Directive 2010/31/EU on the energy performance of buildings and Directive 2012/27/EU on energy efficiency. Social and environmental aspects as well as any aspects related to historical and cultural heritage will be verified during the appraisal. The project is expected to derive positive social impacts through the provision of additional modern academic and research spaces as well as renovating other buildings including a student accommodation block. Further, the university has a gender policy and strategy in place and their strategic objectives will be explored during the appraisal. The project is expected to contribute to climate action and environmental sustainability (CA&ES) objectives, in particular to climate mitigation, climate adaptation, and sustainable use and protection of water and marine resources.

Procurement

The promoter has been assessed by the EIB as being a private university not being subject to EU rules on public procurement or concessions.

Status

Signed - 6/09/2023