Hines and Blue Noble Complete the Preliminary Acquisition of Via Borgospesso 15 in Milan

A total investment of over €70 million through a joint venture with Blue Noble sees Hines add a new iconic asset in the city’s fashion district to its living portfolio

(London) - Hines, the international real estate firm, in joint venture with Blue Noble, an internationally renowned real estate investment manager based in London, has invested in the prestigious Via Borgospesso 15 in Milan with the aim of creating over 70 serviced apartments. Worth more than €70 million, the investment was completed via the recently established Smart Stay fund, managed by Antirion SGR.

The investment is confirmation of Hines’ living-sector focused strategy to reposition an asset of high historical value which is located in one of the city’s most iconic districts, attracting local and international visitors. It looks ahead to the growing “home away from home” trend, seeking to meet future demand from tourists and professionals visiting Milan in search of welcoming accommodation without giving up the benefits of a modern and efficient hospitality venue. This new living model aims to provide a concrete solution to the current limited availability of high-quality short-stay solutions located in Milan’s historical center and builds on positive messages of recovery from the tourism and hospitality sectors, with the prospect that they can return to pre-pandemic levels in 2023 and record a further increase ahead of the 2026 Winter Olympics.

The property, which has a surface area of around 5,000 square meters, will be extensively restructured, adhering to the highest international standards of energy efficiency and sustainability. With a planned opening in 2023, the commercial strategy for the venue envisages units rented out for brief periods. The property will have a full range of services, including coworking areas, retail spaces, areas for working out, an elegant internal courtyard and a panoramic rooftop offering striking views over Milan.

The individual apartments will feature a modern and comfortable design, characterized by a distinctive identity inspired by sustainability and efficiency. There will be a special focus on large, communal spaces designed for the safety and wellbeing of guests with different needs.

The Borgospesso deal strengthens the strategic collaboration between Hines and Blue Noble. This partnership has resulted in investments in Italy totaling approximately €200 million in recent years, all in the living sector. These include the Giovenale 15 and Ripamonti 35 student housing assets in Milan, to create a residential product focusing on a community and experiential-oriented concept of space, and the residential asset in Corso Italia in Florence.

“Hines continues to invest significantly in the living sector,” adds Mario Abbadessa, Senior Managing Director and Country Head of Hines Italy. “Within this segment, serviced apartments show strong potential for development and growth with the backdrop of a limited supply in the Milan area. Our target is to invest €2 billion in the next 24 months both in the living space via student housing, affordable residential units and serviced apartments, and in the logistics sector. We are sure that the resilience of Milan will help it emerge from this difficult period even stronger.”

“We are delighted with the acquisition of this prized asset in Via Borgospesso” explained Paul Forshaw, CEO of Blue Noble. “This is the fourth strategic investment we have made in Italy with our longstanding partners, Hines, and grows our portfolio of assets for student residences or short-term stays. We have a strong conviction in the living sector and believe that these two segments in particular are set to grow in the primary Italian markets.”

Hines was supported by BIP - Studio Belvedere Inzaghi & Partners and DLA Piper in the legal, regulatory, administrative, planning and financing aspects of the transaction. EY provided tax assistance, including for the structuring and acquisition phase of the transaction. Yard Reaas Group worked on technical issues and HVS Global Hospitality Services on sales services.


Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 240 cities in 27 countries. Hines oversees a portfolio of assets under management valued at approximately $160.9 billion¹, including $81.7 billion in assets under management for which Hines serves as investment manager, and $79.2 billion representing more than 172.9 million square feet of assets for which Hines provides third-party property-level services. Historically, Hines has developed, redeveloped or acquired approximately 1,450 properties, totaling over 485 million square feet. The firm has more than 180 developments currently underway around the world. With extensive experience in investments across the risk spectrum and all property types, and a pioneering commitment to ESG, Hines is one of the largest and most-respected real estate organizations in the world.

Since entering Europe in 1991, Hines has grown its European platform to include offices in 16 cities as well as a presence in 62 cities in 13 countries. Hines oversees a portfolio of assets under management valued at approximately €26.3 billion of assets under management in Europe, including €21.9 billion for which Hines serves as an investment manager and €4.4 billion representing more than 3.8 million square metres of assets for which Hines provides third-party property-level services, in Austria, Denmark, Finland, France, Germany, Greece, Ireland, Italy, Netherlands, Poland, Spain and the United Kingdom.

1. Includes both the global Hines organization as well as RIA AUM as of December 31, 2020.

Visit www.hines.com for more information.