By Andy Sambidge
Qatar Holding says it will acquire 40% interest in Porta Nuova real estate development in Milan
Qatar Holding has announced that it will acquire a 40 percent stake in a $2.56bn mixed used real estate project in Milan, Italy.
In a statement, Qatar Holding and Hines Italia SGR announced a strategic partnership for the Porta Nuova project, managed by Hines Italia SGR.
Porta Nuova represents one of the most prestigious city centre mixed use developments in Europe with a market value in excess of €2bn.
The project is transforming the city of Milan by creating a new central district. The central building of Porta Nuova Garibaldi, which is leased to Unicredit, is Italy’s tallest structure and a new beacon for the city.
Qatar Holding said it will acquire, through a subscription of newly issued units, an ownership interest of approximately 40 percent while the remaining 60 percent will continue to be owned by the current sponsors.
The Porta Nuova project is financed by Intesa San Paolo, Unicredit, Hypothekenbank Frankfurt, Banca Popolare di Milano and Monte dei Paschi di Siena.
Qatar Holding’s investment in Porta Nuova further diversifies its global portfolio in general, and increases its participation in the Italian real estate market in particular, the statement said.
Jeff Hines, Hines president and CEO, said: “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 Porta Nuova, but also with the creation of a significant in-country investment management platform.”
Manfredi Catella, Hines Italia SGR CEO, added: “The partnership with Qatar Holding represents a strategic step for our investors and for Hines Italia SGR and confirms Porta Nuova as one of the most attractive investment in Italian real estate. Italy’s territory is one of the most important natural resources of the country that can support economic growth in the future.”
Other key investments of Qatar Holding, a wholly-owned subsidiary of Qatar Investment Authority, include Agricultural Bank of China, Barclays plc, Canary Wharf Group (via Songbird Estates), Costa Smeralda resorts, Credit Suisse Group, Harrods Group, J Sainsbury plc, London Stock Exchange, Lagardere, Porsche, Qatar Exchange, Qatar Telecom, Qatar National Bank, Santander Brasil and Volkswagen.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.