Hines and Blue Noble JV makes third acquisition in Italy

Hines and Blue Noble have made their third acquisition in the Italian residential market as a joint venture via the Future Living property fund managed by Savills Investment Management SGR SpA.

The fund acquired the site of the former Municipal Theatre in central Florence from Cassa Depositi e Prestiti (CDP), for an undisclosed price.

The site will be developed into a high-quality serviced apartment complex.

Mario Abbadessa, Italy country head for Hines, said, “Florence is an important market for us as we target the residential rental sector, which we believe has major potential for growth, and the project offers a housing model we would like to bring to other cities in Italy. Cities like Florence have a lack of quality housing for rent, and our aim is to respond to this need with a development built to the highest standards of energy sustainability and attention to the environment.”

The acquisition marks the third investment by Hines and Blue Noble i