Hines Italia, a joint venture of US developer-investor Hines and the Italian Catella family, has formally taken over the management of Real Venice 1, a fund created to finance the redevelopment of Venice’s historic Lido site.
Hines Italia, a joint venture of US developer-investor Hines and the Italian Catella family, has formally taken over the management of Real Venice 1, a fund created to finance the redevelopment of Venice’s historic Lido site.
Real Venice 1 was formerly managed by Est Capital before the company went into administration earlier this year.
Hines Italia Sgr is joining forces with Italian bank Cassa Depositi e Prestiti as well as with state-backed private equity fund Fondo Strategic Italiano to redevelop the 50,000 m2 area which was one of Europe’s most prestigious tourist destinations at the beginning of 1900 with its 12 kilometers of beaches in front of Venice.
The asset manager also hopes to attract fresh capital to the project and is currently working on the fund's first rights issue, which has been fully subscribed by the fund unitholders including Fondazione Cassa di Risparmio di Padova and Rovigo.
The project encompasses two iconic hotels - the historic Excelsior and Des Bains - as well as a disused asset which formerly housed a hospital known as Ospedale al Mare and which is owned by state-controlled bank CDP through its Fondo Investimenti per le Valorizzazioni fund.
The group estimates the redevelopment plan will require over €200 mln of fresh equity, Manfredi Catella, co-founder and CEO of Hines Italia Sgr, recently told PropertyEU in an interview.
Hines Italia SGR has selected Leonardo & Co as independent financial adviser, while Jones Lang La Salle Hotels has been mandated to select the hotel company that will join the project as partner.
