Transactions - DECEMBER 15, 2016

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Hines invests €220m in Milan office

by Andrea Waitrovich

Hines has invested €220 million ($229 million) in an office property in Milan on behalf of CNP Assurances, a French insurance company. The trophy office property is located on Piazza Edison, Milan’s prime office destination adjacent to Piazza Duomo, Piazza Cordusio and the Milan’s stock exchange.

The 240,000-square-foot building was recently renovated. It is 100 percent occupied, and tenants include DLA Piper, London Stock Exchange, Invesco and All Funds.

This transaction is the sixth acquisition by Hines in Italy since the beginning of 2016 and follows the investment in historical buildings on Via Dante, Via Cordusio, Via Broletto and Via Torino in Milan and Via Tornabuoni in Florence.

Since entering Italy in 1999, Hines has developed 20 projects, including the landmark mixed-use development Porta Nuova in Milan, which includes 1.5 million square feet of office space, 1.3 million square feet of residential space and 430,000 square fe

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