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Sat 28 Feb 2015 02:08 AM

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Qatar's SWF to become sole owner of Milan's Porta Nuova

Qatar Holding inks deal to buy the 60% stake in Milan prime real estate area it does not already own

Qatar's SWF to become sole owner of Milan's Porta Nuova
An artists impression of the Porta Nuova project in Milan.

Qatar's sovereign wealth fund will become the sole owner of a prime real estate area in Milan, which has a market value of more than €2 billion ($2.25 billion) and is home to the new high-rise headquarters of Italy's UniCredit.

Under the agreement, Qatar Holding will buy the 60 percent of Porta Nuova it does not already own for an undisclosed sum, Manfredi Catella, chief executive of Hines Italia, said.

Hines European Development Fund and Italian insurer Unipol SAI are among the sellers.

Qatar Holding, which is wholly owned by Qatar Investment Authority, bought a 40 percent stake in the development in May 2013.

Porta Nuova represents one of the most prestigious city centre mixed use developments in Europe.

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.

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