Hines and PGGM invest in 85,000-sf Dolce & Gabbana development in Milan

Private real estate firm Hines and Dutch pension fund PGGM have invested in an 85,000-square-foot luxury mixed-use asset in Milan through a joint venture targeting mixed-use and retail developments in Italy.

The amount of the transaction was not disclosed.

Via della Spiga 26 is situated in the heart of the renowned Quadrilatero della Moda fashion district, and it is home to one of Dolce & Gabbana’s first stores. The property encompasses seven stories, including 17,407 square feet of retail space on the ground and lower levels, and more than 425 feet of frontage, according to former owner Thor Equities.

Thor Equities and a real estate fund sponsored by Invesco previously co-owned the asset.

In 2017, Hines and PGGM established a separate account program, targeting high-street retail, office and mixed-use value-add opportunities in Milan.

“Milan has become part of our city-focused investment program because it offers great investment opportuni