Hines announces €500m investment for urban regeneration project in Italy
Hines has finalization of the investment into the Unione 0 lot as part of the MilanoSesto urban regeneration project, following the transfer of the lot by MilanoSesto S.p.A. to the newly established Unione 0 real estate fund, managed by Prelios SGR. This investment is in collaboration with Cale Street, a real estate investment firm backed by the Kuwait Investment Office, the London office of the Kuwait Investment Authority and the world’s first sovereign wealth fund.
With an investment of €500 million ($567 million), the Unione 0 real estate fund begins development of the first private lot, covering approximately 250,000 square meters (2.7 million square feet). It forms part of the broader partnership project between Hines and Prelios that has enabled the relaunch of the biggest urban regeneration project in Italy and one of the largest in Europe, on a site spanning 1.5 million square meters (16.1 million square feet) in Sesto San Giovanni, formerly home to the historic F