Hines acquires landmark mixed-use tower in Milan

Hines, the international real estate firm, has signed contracts to acquire the iconic 27-storey mixed-use Torre Velasca tower in the center of Milan on behalf of the Hines European Value Fund (HEVF 1).

“The Torre Velasca tower is an historic, landmark building instantly recognizable to all residents and visitors to Milan. This acquisition provides us with a genuinely generational opportunity to breathe new life into the outdated configuration and interior, transforming it into modern, contemporary workspace,” said Mario Abbadessa, Italy country head for Hines. “The project sits perfectly with our track record of redeveloping and repositioning historic major buildings in the city to trophy asset status and creating core institutional real estate. The Missori district of Milan in which Torre Velasca is located is currently undergoing wholesale regeneration with significant institutional investment, so it’s an exciting time to be part of this evolving and dynamic par