Coima SGR, Covivio and Prada were jointly awarded the tender to purchase the yard - and an additional 26,000 square metres of railway - for €180 million (£161 million/$213 million).

This acquisition will be made through a real-estate investment fund named "Porta Romana".

Coima is set to develop the residential component and the Olympic Village, which will later be used for student housing.

Covivio will work on developing office functions and services, while Prada will develop a laboratory and office space.

Prada, one of Italy's most famous fashion houses, cited sustainability as a key reason for its involvement in the planned urban regeneration.

"Twenty years ago, the Prada Group decided to build its own business centre and a public cultural complex in the neighbourhood overlooking Via Brembo - Via Lorenzini, which today houses the Fondazione Prada," said Patrizio Bertelli, Prada's main shareholder.

"For several years, looking out from the terraces of the museum, we admired the large space of the disused railway station, remembering the history of industrial Milan, in the hope that its memory would not be lost; for this reason, when the railways decided to dismantle the area, we took action to find partners who would share with us the purpose of preserving the harmony of the spaces, enriching the life of the neighbourhood, a purpose for which we decided to participate in this great undertaking."

Milan is due to host the Opening Ceremony of the 2026 Winter Olympics, either at the San Siro or a new stadium planned to be built in its stead.

Ice hockey will be played in the city and skating events held, while a Medal Plaza is to be constructed at Piazza del Duomo.

Other events will be staged in Cortina d'Ampezzo and across the north of Italy.