Global real estate firm Hines is expanding its office portfolio with an investment into a corporate headquarters refurbishment project in Milan, located at 25 Via Tortona.
The €200 mln investment will be finalised in partnership with an international institutional investor through the acquisition of 100% of the shares of a fund managed by BNP Paribas REIM.
The project, which consists of four buildings covers a total surface area of 30,000 m2. Hines will act as the developer and co-investor in the planning and authorisation phase until construction work commences in early 2024. The project is expected to complete in the first half of 2026.
Mario Abbadessa, senior managing director and country head of Hines in Italy, said: 'This investment marks an important step for Hines as we continue to increase our portfolio in the growing office sector in Italy following projects in Piazza Cordusio and Via della Spiga.
'The project will see Hines create an innovative design that responds to the evolving needs of future occupants by planning the first office campus in Milan where social and sustainable requirements are placed at the heart of the development.'
The ambition of the refurbishment is to create campus-style offices that encourage people back to the workplace. The restyling will also connect internal and external spaces, which includes extending the entrance on Via Tortona by restructuring the internal courtyard, as well as the extensive terraces on the top floor to encourage people to meet and talk.
The project will be carried out in accordance with the highest international standards of environmental sustainability and energy efficiency, targeting a Leed Platinum Certification. In line with the Hines approach, a set of ESG criteria will inform the process, which ranges from the choice of construction materials used and the creation of a space that promotes a culturally active and integrated community.
The project is in a strategically-located neighbourhood which will also benefit from a new metro line in the near future, and the addition of further green spaces.
In recent months, the demand for office space in Milan has continued to grow, especially for quality buildings that boast high standards of sustainability.
Advisers on the transaction include: Freshfields Bruckhaus Deringer, DLA Piper, BIP, Studio Notarile Cortucci, EY, Yard Reaas Group, Dils, Colliers, Avalon, Bcube, Mangoni Studio and ACPV Architects Antonio Citterio Patricia Viel.
