US privately-held investor and developer Hines has acquired Torre Velasca in Milan from Unipol for €150 mln.
The asset, which was built between 1955 and 1957, comprises a mix of offices, retail and residential. Until the mid twentieth century, it was the tallest building in the city. It stands at 106 metres high, with 26 floors in total.
Local media reports suggest that Hines is planning to spend another €60-€70 mln on refurbishing the property, including the redevelopment of its surrounding square.
After opening in 1961, the tower was sold by Allianz in 2002 to the Ligresti family's Fondaria Sai, which was incorporated into Unipol in 2014.
According to reports, Hines beat the likes of Orion Capital, Blackstone and China's Suning Holdings to clinch the deal.
JLL assisted Unipol in the sale of the property.