In September 2015, Hines sold its majority interest in the regulated Italian fund management business. Since Italy has long been, and continues to be, a strategic market for Hines, Mario Abbadessa rejoined Hines as Hines Italy country head in November 2015 to re-launch an investment program in the country. Abbadessa previously spent five years with Hines Italy in investment and fund management business.
Hines Italy developed Porta Nuova, a world-famous 28-building mixed-use project, which is the largest city-defining mixed-use center in Europe, over an eight-year period.
In 2016, Hines Italy was one of the most active real estate players in the country and acquired a number of high street retail and office assets in Milan and Florence, with a total investment volume of over €700 million. Hines continues to explore high potential investment opportunities across the risk spectrum in Italy on behalf of various investment vehicles.