International real estate firm Hines has purchased a trophy office property in Milan for €220 mln on behalf of French insurer CNP Assurances in an off-market deal.
The 22,000 m2 building is located on Piazza Edison in the centre of Milan, some 500 metres from Piazza Duomo and close to Piazza Cordusio. The former Banca di Roma building was recently renovated and is let to tenants including DLA Piper, London Stock Exchange, Invesco and All Funds.
'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,' commented Mario Abbadessa, Italy country head for Hines.
This transaction is the sixth acquisition by Hines in Italy since the beginning of 2016 following the investment in historical buildings on Milan’s Via Dante, Via Cordusio, Via Broletto, Via Torino and Via Tornabuoni in Florence.
Legal support was provided by BonelliErede, with KPMG advising on tax, J&A on technical, REAAS on environmental and GVA Redilco on commercial aspects.
