Hines has bought a retail property in central Milan for its pan-European core fund.
The 3,300sqm high street retail asset, on Via Torino, is fully let.
Peter Epping, who manages Hines’s pan-European core fund, said: “Italy continues to be an attractive target market for HECF, with a resurging high street retail sector poised to develop strongly over the years to come.”
Italian footwear brand Geox occupies the building.
“As one of the fashion capitals of the world, Milan stands out as its most interesting city market for retail properties,” said Epping.
“With its modern retail-orientated design in this excellent location and the strong positioning of Geox, it is a compelling investment for HECF.”
HECF, launched by Hines in 2006, had a gross €704m asset value in June.
The deal is the manager’s fifth overall in Italy this year.
In March, Hines invested €55m in Milan’s Via Dante for its Bayerische Versorgungskammer (BVK) separate account mandate.
Hines has acquired other assets for clients and funds on Via Cordusio and Via Broletto in Milan, and Via Tornabuoni in Florence.