Hines, the international real estate firm, has entered a joint venture with PGGM, the Dutch pension fund service provider, to launch a separate account program primarily targeting high-street retail, office and mixed-use value-added developments in Milan.
Hines will co-invest alongside PGGM into the account, which has an initial commitment of €155 million ($184 million) of equity, supported by moderate debt finance, and is expected to grow as further capital is deployed.
PGGM and Hines have already completed the first acquisition for the account, purchasing a portfolio of three buildings from Banco BPM for €110 million ($130 million). Alongside the 10-story Piazza Liberty tower in the center of Milan, the portfolio includes two buildings in the historic center on Via del Lauro and Via Mazzini. The three assets provide a mix of retail and office amenities.
With a total surface area of 20,000 square meters, the three buildings will undergo an extensive €30 m
