Hines signs agreement for largest urban regeneration project in Italy

Hines and Cale Street, a real estate investment and finance firm backed by the Kuwait Investment Office, have signed a framework agreement for the acquisition and development of Unione Zero in MilanoSesto, the largest urban regeneration project in Italy.

The project will transform a 1.5 million-square-meter (16 million-square-foot) area in Milanosesto into a sustainable urban destination that includes new residential areas, best-in-class office environments, retail and hospitality. It will also feature new town squares and modern, open-air public spaces, with green space spreading more than 45 hectares (111 acres), creating one of the largest urban parks in the Lombardy Region of Milan.

The project is located in the northeast quadrant of Milan’s metropolitan area, where Hines Italy serves as a strategic adviser and development manager.

The first phase of development will require an initial investment of €500 million ($590 million), which will be made through