CNP Assurances has bought prime office building in Milan for €220m.
The tropy office property on Piazza Edison, adjacent to Piazza Cordusio and Milan stock exchange, was acquired by Hines on behalf of the French insurer.
The 22,000sqm was recently renovated, which Hines said had set “a new standard for the office market in Milan in terms of quality and efficiency”.
It is fully let to a number of international tenants, including DLA Piper, London Stock Exchange, Invesco and All Funds.
The transaction is the sixth acquisition by Hines in Italy since the beginning of 2016. Last month, it bought a Milan retail asset on behalf of it pan-European core fund.
Mario Abbadessa, Italy country head for Hines, said: “The historical centre of Milan represents a prime location that has proved to be resilient to market corrections.
“The asset itself is of particular high quality, making this an attractive investment.”
Since entering Italy in 1999, Hines has developed 20 projects, including the landmark mixed-use development Porta Nuova in Milan, which includes 140,000sqm of office, 125,000sqm of residential and 40,000sqm of retail and cultural venues.
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