Hines, in a joint-venture with a group of German pension funds, has bought an empty central Milan office property for €100m.
The property, on Via Orefici, next to Piazza Cordusio, will be converted by Hines into a mixed-use office and retail building.
The 12,000sqm asset was previously the global headquarters of eyewear retailer Luxottica.
Peter Epping, fund manager at Hines for the separate account, said: “The resurgence in demand of the historical centre of Milan for both high-street retail and office tenants makes the restoration of these historical buildings and their long-term hold an attractive investment proposition for our investor clients.
“Via Orefici is a great example of this strategy.”
Once refurbished, Hines said the asset will be held for the long term.
The deal is Hines’ eighth in Italy in the past 15 months, following investments in Milan’s Via Dante, Piazza Cordusio, Via Broletto, Via Torino, Piazza Edison and in Via Tornabuoni in Florence.