Qatar Holding have announced that it would be acquiring 40% of a US$2.56 billion real estate project located in Milan, Italy. The investment was made with Hines Italia SGR for the Porta Nuova project.
Porto Nuova is projected to be one of the most prestigious mixed use land developments in Europe with a projected market value of above Eur2 billion.
The project would transform Milan through the creation of a central district with the central building being Porta Nuova Garibaldi. The building would be leased to Unicredit and is set to be the tallest tower in Italy becoming a new beacon for the city of Milan.
The announcement detailed that Qatar Holding would be acquiring through a subscription of newly issued units the ownership interest of 40% while the remaining 60% would be owned by Hines Italia SGR.
According to Jeff Hines, president and CEO of Hines, "Porta Nuova represents one of the most important developments for the firm and for our investors. Hines has invested in the future of Italy not only in Porta Nuova, but also with the creation of a significant in-country investment management platform."
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