Porta Nuova represents one of the most prestigious city-center, mixed-use developments in Europe with market value in excess of €2 billion
(MILAN, ITALY) – Hines, the international real estate firm, on behalf of a consortium of initial investors, announced today an agreement for Qatar Holding LLC, a wholly-owned subsidiary of Qatar Investment Authority (QIA), to acquire a 100 percent interest in the firm’s Porta Nuova development in Milan, Italy.
Porta Nuova is one of the most prestigious city-center, mixed-use developments in Europe, with a market value in excess of €2 billion. The project is transforming the city of Milan by creating a new central district.
Porta Nuova includes 28 buildings, totaling more than 2.6 million square feet, designed by some of the most prominent architectural firms in the world including: Pelli Clark Pelli Architects; KPF; Arquitectonica; Boeri Studio; Cino Zucchi; Antonio Citterio & Patricia Viel and Partners; M2P Associati; and Caputo Partnership.
In May 2013, QIA, through its wholly-owned subsidiary, acquired a 40 percent interest in the investment funds which own the Porta Nuova development. 18 months after that first investment, QIA increased its participation to 100 percent, after reaching an agreement with the initial investors that started the development of Porta Nuova in 2005.
The initial development investors included: Hines European Development Fund; the Italian insurance company Unipol Sai; the Italian funds MHREC and HICOF; and property companies COIMA and Galotti.
Hines’ Italian investment management arm, Hines Italia SGR, will continue to manage the investment funds which own Porta Nuova. Property and project management responsibilities of Porta Nuova will be assumed by the Catella family company, COIMA.
Hines Italia SGR CEO Manfredi Catella commented, “The acquisition by QIA represents a very positive sign for Italy in terms of attractiveness of the country to leading institutional investors. For Porta Nuova and its original sponsors, it is an extraordinary result proving the quality of concept and execution of one of the largest mixed-use development in Europe.”
Hines’ European platform began in Germany in 1991. With headquarters in London, today Hines Europe operates as a fiduciary, investment manager and developer in nine European cities in six countries, with total assets under management, including for third parties, valued at more than $10.1 billion.
Hines is a privately owned real estate firm involved in real estate investment, development and property management worldwide. The firm’s portfolio of projects that are completed, acquired or underway, includes 1,163 properties representing more than 389 million square feet of office, residential, mixed-use, industrial, hotel, medical and sports facilities, as well as large, master-planned communities and land developments. Currently, Hines manages 402 properties totaling 170 million square feet, which includes 96.5 million square feet for third parties. With offices in 121 cities in 19 countries, and controlled assets valued at approximately $30.7 billion, Hines is one of the largest real estate organizations in the world. Hines is also a world leader in sustainable real estate strategies, with extensive experience in LEED, ENERGY STAR®, BREEAM, Haute Qualité Environnementale and DGNB green building rating systems. Visit www.hines.com for more information.