16 October 2015
Turin, 16 October 2015. The plan for the development and upgrading of the Continassa Area today took a big step forward. At Juventus Stadium's Club Gianni e Umberto Agnelli, Juventus Chief Financial Officer Aldo Mazzia and the main exponents of the project presented the final development plan, to be implemented by the J-Village Property Fund, to the mass media.
The plan comprises the development of six sites: the JTC (Juventus Training Center), the first-team training facility which will also house the Media Center; the new Juventus Head Office; the J-Hotel; the ISE International School; the Concept Store. A Power Station and the service infrastructure for the whole area will complete the development.
There is one major difference from the initial project. Having received authorisation from the Fine Arts and Landscape Superintendency of the Municipality and Province of Turin, Juventus decided to build the club's new Head Office on the site of the Cascina Continassa, an early 18th-century farmhouse which in recent decades has suffered a rapid and partially irremediable decline.
On 3 August Juventus announced the operational launch of the J-Village Property Fund, managed by Accademia SGR. The Fund's overall investment in the area will total almost €100 million, entirely covered by private investors and financing granted by UBI Banca S.c.p.A. and Unicredit S.p.A. Juventus ceded to the J-Village fund ownership of the development rights over an area of approximately 148,700 square metres and the related planning permission for 34,830 square metres of Gross Floor Surface at a total value of €24.1 million, a sum determined on the basis of an estimate submitted by an independent expert in accordance with Ministerial Decree No. 30 of 5 March 2015. For the above-mentioned cession, which generated net earnings of approximately €10 million, Juventus received shares in the J-Village Fund worth €24.1 million and will thus continue to be a Fund shareholder.
In his presentation of the project Aldo Mazzia was accompanied by Stefano Lo Russo, Head of Urban Development at Turin City Council, and Alberto Bollea, Managing Director of Accademia SGR S.p.A., an investment fund controlled by the Banca del Sempione S.A.
The operational plan provides for the completion of all work by the end of June 2017. In August work began on preparation of the building site and by the end of October construction of the area's service infrastructure will get underway. By the end of the year work should be completed on the securing and structural clearance of the Cascina Continassa.