Pirelli gets final green light to develop Milan urban area

Pirelli Real Estate SpA said its 50:50 Quadrifoglio Milano SpA joint venture has received the final authorization to restore and develop the urban area in Milan previously owned by Manifattura Tabacchi, the historical headquarters of the State company that produced Italian cigarettes. Quadrifoglio, a joint venture with Fintecna Immobiliare, will begin demolition of the more than 83,000 square metres surface this September while reconstruction and construction of new areas will begin by the summer of 2008.