(MILAN) – Hines, the international real estate firm, has invested in an iconic real estate complex in Via Broletto, Milan’s upmarket office street, with an approximate value of €50 million. No external broker assisted with the transaction and Finint SGR was the seller. This transaction is the fourth investment by Hines in Italy since the beginning of the year, following the purchase of a historical building on Milan’s Via Dante two months ago, an iconic building on Piazza Cordusio and a trophy asset in Florence.
The 11,000-square-meter 15th-century complex is located in the heart of the historical center of Milan in the fashion district of Brera, adjacent to Piazza Cordusio and 500 meters from Piazza Duomo. The complex served as the historical headquarters of Gucci in Milan and is a prime office space for institutional tenants.
Mario Abbadessa, Managing Director and Italy country head for Hines, said, “The investment in Via Broletto reinforces the intention of Hines to establish a long-term platform in Italy focused on investment in existing assets, located in permanent prime locations, to be re-used through a value-added approach.”
Paul White, Hines Managing Director – Investment Management, added, “This elegant trophy asset is ideally located to offer prime premises for Milan’s most prestigious office tenants. We are delighted to have added the quality of Via Broletto to the wider Pan-European real estate investment portfolio managed by Hines, on a discretionary basis and through an off-market transaction.”
Since entering Italy in 1999, Hines has developed 20 projects in the country, including the landmark mixed-use development Porta Nuova in Milan, which includes 140,000 square meters of office, 125,000 square meters of residential and 40,000 square meters of retail and cultural venues.
Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 182 cities in 20 countries. Hines has $89.1 billion of assets under management, including $42.5 billion for which Hines provides fiduciary investment management services, and $46.6 billion for which Hines provides third-party property-level services. The firm has 109 developments currently underway around the world. Historically, Hines has developed, redeveloped or acquired 1,126 properties, totaling over 351 million square feet. The firm’s current property and asset management portfolio includes 457 properties, representing over 193 million square feet. With extensive experience in investments across the risk spectrum and all property types, and a pioneering commitment to sustainability, Hines is one of the largest and most-respected real estate organizations in the world. Visit www.hines.com for more information.