Hines seals over €300m of sales in Milan – Exclusive

US privately-owned developer-investor Hines has inked the sale of two office buildings in Milan for a total of over €300 mln, PropertyEU has learned.

According to well informed market sources, Hines has completed the sale an office building at Via Orefici to Deka Immobilien for €210 mln.

The building, located a few steps from the central Duomo, was recently restructured and is multi let to Rothschild, law firm K&L Gates, Starbucks and private equity firm EQT Partners.

Hines is said to have bought the 12,000 m2 asset back in 2017 for €100 mln.

Meanwhile, Hines is understood to have signed a binding agreement to sell a mixed office-led building at Via Dante to French asset manager Amundi for a price of between €100 and €110 mln.

Hines bought the seven-story retail and office asset back in 2016 for an institutional real estate fund administered and managed on behalf of Bayerische Versorgungskammer (BVK).

Built in the late 19th century and substantially refurbished in the 1980s, Via Dante 16 provides 6,000 m2 of space.

Hines and Deka did not respond to a request for comment.

Earlier this monrh, Hines joined forces with Blue Noble to secure its third Italian residential deal via the Future Living property fund managed by Savills Investment Management.

The fund acquired the site of the former Municipal Theatre in central Florence from investment bank Cassa Depositi e Prestiti (CDP). The plot will be developed into a serviced apartment complex.

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