International: Qatar Shops in Milan
- Mar 06, 2015
Qatar Investment Authority has completed the purchase of a major development in the Italian city of Milan. The company acquired 100 percent interest in the Porta Nuova project through its wholly owned subsidiary, Qatar Holding L.L.C. The company had acquired a 40 percent interest in the investment funds owning the asset back in May 2013.
QIA bought the property from the initial investors that included Hines European Development Fund, Unipol Sai, Italian funds MHREC and HICOF, as well as COIMA and Galotti. Development of Porta Nuova began back in 2005.
The project is a major city-center, mixed-use development, with an estimated value of $2.2 billion. The project’s goal is to create a new core for the city of Milan, and feature 28 buildings and more than 2.6 million square feet of space. The buildings in Porta Nuova have been designed by reputable architecture firms from across the globe, with Pelli Clark Pelli Architects, KPF, Arquitectonica, Boeri Studio, Cino Zucchi, Antonio Citterio & Patricia Viel and Partners, M2P Associati and Caputo Partnership having buildings in the district.
After the acquisition of the property, Catella family company, COIMA, will stay on and handle property management duties at Porta Nuova. According to Hines Italia SGR CEO, Manfredi Catella, “the acquisition by QIA represents a very positive sign for Italy in terms of attractiveness of the country to leading institutional investors.” Hines Italia SGR will continue to manage the investment funds that own Porta Nuova.