Hines acquires residential property in Italy

WCN Editorial Team 21 Jun 2021 EUROPE BUILDINGS

Real estate investment firm Hines has announced the acquisition of a residential real estate portfolio in Milan on behalf of its Hines European Value Fund 2 (HEVF 2).

The 40,000m2 portfolio, located in the South-East quadrant of Milan, was constructed in the 1970s and now is in disuse.

The property will undergo an extensive regeneration in compliance with international sustainability standards with an aim to obtain the highest LEED certification target. It is situated in close proximity to Piazza Duomo.

The company stated that it expects to launch about 300 new residential units in the market by 2023, which is in line with the increasing demographic expansion of the city where approximately 300,000 new inhabitants are expected by 2035.

This acquisition is marked as the fund’s first in Milan and the company’s latest investment in the living sector in the city, following recent deals that include MilanoSesto, Ex Trotto, Nodo Bovisa, Borgospesso 15, Torre Valesca, Giovenale 15 and Ripamonti 35.

Hines senior managing director and HEVF 2 fund manager Paul White said: “Our advantage of a ‘boots on the ground’ team in Italy with in-depth knowledge of the local market has enabled us to make thorough on-site diligence of the assets and is yet another example of this advantage we have enjoyed repeatedly across Europe since Q1 2020. It has meant the pace of our deal origination and execution has not suffered.”

Furthermore, the ongoing strategy of the company is to develop more than 5,000 new build-to-rent (BTR) units in Italy by 2025.

Recently, Hines commenced construction on first two buildings of T3 Sterling Road in Junction Triangle Submarket of Toronto.

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Rendering of the 40,000m2 portfolio in South-East quadrant of Milan, Italy. Credit: Hines.

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