US developer-investor Hines completed its fourth investment in Italy this year with the €50 mln off-market purchase of a trophy asset at Via Broletto, Milan’s upmarket office street, from local asset manager Finint Sgr.
Earlier this year the company also bought an historical building at Milan’s Via Dante, an iconic building at Milan's Piazza Cordusio for €130 mln and a trophy asset in Florence.
The 11,000 m2 15th century complex is located in the heart of the historical centre of Milan in the fashion district of Brera and previously served as the historical headquarters of Gucci in Milan.
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.'
Hines was unrepresented.
Since entering Italy in 1999, Hines has developed 20 projects in the country, including the landmark Porta Nuova mixed-use development in Milan, which includes 140,000 m2 of office, 125,000 m2 of residential and 40,000 m2 of retail and cultural venues.
