Hines Italia SGR CEO Manfredi Catella Acquires Italian Asset Management Platform
(HOUSTON) – Hines, the international real estate firm, announced today that it is selling its interest in Hines Italia SGR to Manfredi Catella, current CEO of Hines Italia SGR and head of the Hines Italian operation for the past decade. Going forward, Hines will consider and pursue future development and investment opportunities in the Italian market out of the firm’s European Regional Office. Funds managed by Hines outside of Italy will continue to retain ownership in their Italian assets.
Hines’ Italian office opened in 1999 in Milan under the leadership of the late Riccardo Catella. His son, Manfredi, joined the firm in 2001, and assumed leadership of Hines Italy in 2005. Alongside the firm’s development business, Hines launched the Italian fund/asset management company, Hines Italia SGR, in 2007, which was co-owned by Hines and Catella until the sale.
Hines’ 28-building mega mixed-use project, Porta Nuova in Milan, was recently sold to Qatari Holding, LLC, the important sovereign wealth fund.
CEO of Hine Europe Michael J.G. Topham commented, “As we carefully considered our post-Porta Nuova plans for Italy, we concluded that the regulated fund management business in Italy does not fit within our future European strategy. We would like to thank Manfredi and our Italian team for all of their great efforts and successes in the past years. This sale does not represent an exit for us from Italy and Hines will continue to look for interesting investment opportunities there on behalf of different investment vehicles.”
The Italian investment management company, founded in 2007, and currently managing assets valued at €5 billion, has been rebranded COIMA SGR as part of the COIMA platform established in 1974 by the Catella family to create country-specific core and value added investments.
Manfredi Catella, Honorary President of COIMA and CEO of the newly rebranded COIMA SGR said, “We are proud of the great legacy developed with the Hines firm over the past 16 years, and look forward to continue collaboration in the future. We believe that the timing and conditions in Italy are right to steward and expand our best-in-class domestic investment and asset management business.”
Hines is a privately owned global real estate investment firm founded in 1957 with locations in 185 cities in 19 countries. Hines has $84.9 billion of assets under management, including $42.7 billion for which Hines provides fiduciary investment management services, and $42.2 billion for which Hines provides third-party property-level services. In 2014, Hines completed over $8 billion in transactions on behalf of its investment management clients. The firm has 104 developments currently underway around the world. Historically, Hines has developed, redeveloped or acquired more than 1,000 properties, totaling over 339 million square feet. The firm’s current property and asset management portfolio includes 511 properties, representing over 176 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
About Hines
Hines is a privately owned global real estate investment firm founded in 1957 with locations in 185 cities in 19 countries. Hines has $84.9 billion of assets under management, including $42.7 billion for which Hines provides fiduciary investment management services, and $42.2 billion for which Hines provides third-party property-level services. In 2014, Hines completed over $8 billion in transactions on behalf of its investment management clients. The firm has 104 developments currently underway around the world. Historically, Hines has developed, redeveloped or acquired more than 1,000 properties, totaling over 339 million square feet. The firm’s current property and asset management portfolio includes 511 properties, representing over 176 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.
