(LONDON) – Hines, the international real estate firm, has completed on behalf of CNP Assurances, a leading French insurance company, an investment in a trophy office property on Piazza Edison, Milan’s prime office destination adjacent to Piazza Cordusio and the Milan Stock Exchange, for €220 million.
The 22,000 square-meter building is located in the very heart of the historical center of Milan, about 500 meters from Piazza Duomo and close by Piazza Cordusio. The building recently underwent a complete renovation establishing a new standard for the office market in Milan in terms of quality and efficiency.
The iconic modern building is fully leased to prime international tenants such as DLA Piper, London Stock Exchange, Invesco and All Funds.
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.
Mario Abbadessa, Italy country head for Hines, said: “The historical center 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.”
Since entering Italy in 1999, Hines has developed 20 projects, including the landmark mixed-use development Porta Nuova in Milan, which includes 140,000 square meters of office, 125,000 square meters of residential and 40,000 square meters of retail and cultural venues.
The legal support was provided by BonelliErede with KPMG for tax, J&A for technical, REAAS for environmental and GVA Redilco for commercial aspects.
Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 192 cities in 20 countries. Hines has $93.2 billion of assets under management, including $47.9 billion for which Hines provides fiduciary investment management services, and $45.3 billion for which Hines provides third-party property-level services. The firm has 105 developments currently underway around the world. Historically, Hines has developed, redeveloped or acquired 1,180 properties, totaling over 379 million square feet. The firm’s current property and asset management portfolio includes 483 properties, representing over 199 million square feet. With extensive experience in investments across the risk spectrum and all property types, and a pioneering commitment to sustainability, Hines is one of the largest and most-respected real estate organizations in the world. Visit www.hines.com for more information.