{"id":1004160762,"date":"2016-12-06T07:52:19","date_gmt":"2016-12-06T15:52:19","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004160762"},"modified":"2022-12-08T10:50:58","modified_gmt":"2022-12-08T18:50:58","slug":"hines-acquires-flagship-retail-asset-in-italy","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/hines-acquires-flagship-retail-asset-in-italy\/","title":{"rendered":"Hines Acquires Flagship Retail Asset in Italy"},"content":{"rendered":"

By Adriana Pop<\/em><\/p>\n

Milan, Italy<\/strong>\u2014Hines has closed on the acquisition of an iconic high-street retail property on Via Torino in Milan. The company paid approximately $55.8 million (\u20ac52 million) to purchase the asset on behalf of the Hines Pan-European Core Fund (HECF).<\/p>\n

\"Hines<\/a>

Hines Buys Via Torino Asset in Milan<\/p><\/div>\n

The 35,500-square-foot building is situated in the heart of the city\u2019s historical center, in proximity to Piazza Duomo and Corso Vittorio Emanuele. The property is fully leased and its retail units front one of the busiest streets in Milan. One of the tenants, Italian shoemaker Geox, chose this location for its flagship store in Italy.<\/p>\n

\u201cThe high-street market continues to be very interesting, particularly in top locations like the center of Milan, which continues to show resilience to the potential instability in a challenging market,\u201d Mario Abbadessa, Italy\u2019s head for Hines, said in prepared remarks.<\/p>\n

The transaction marks Hines\u2019 fifth acquisition in Italy since the beginning of 2016, following the purchase of historical buildings on Milan\u2019s Via Dante, Via Cordusio, Via Broletto and Via Tornabuoni in Florence. The assets bought on Via Torino in Milan and Via Tornabuoni in Florence represent the second and\u00a0third assets owned by HECF in Italy following the acquisition of the Richemont\u2019s group Italian headquarters building on Via Crespi in Milan, last year.<\/p>\n

\u201cItaly continues to be an attractive target market for HECF with a resurging high-street retail sector that is poised to develop strongly over the years to come. As one of the fashion capitals of the world, Milan stands out as its most interesting city market for retail properties. With its modern retail-orientated design in this excellent location and the strong positioning of Geox, it is a compelling investment for HECF,\u201d added Peter Epping, fund manager of HECF.<\/p>\n

Legal support was provided by Freshfield Bruckhaus Deriger with PwC. Savills also advised on the transaction.<\/p>\n

HECF is a Euro-denominated, Luxembourg-based investment fund set up in 2007. Managed by the Hines group, its aim is to build a large portfolio of commercial real estate across Europe.<\/p>\n

Since entering Italy in 1999, Hines has developed 20 projects, including the landmark mixed-use development Porta Nuova<\/a> in Milan, which includes 1.5 million square feet of office, 1.3 million square feet of residential and 430,000 square feet of retail and cultural venues.<\/p>\n

Image courtesy of Hines <\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

The 35,500-square-foot building is located in the heart of Milan’s historical center. <\/p>\n","protected":false},"author":260,"featured_media":1004507919,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,16,21742,21749],"tags":[32797,32999],"class_list":["post-1004160762","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-international","category-latest","category-retail","tag-hines","tag-porta-nuova"],"acf":[],"yoast_head":"\nHines Acquires Flagship Retail Asset in Italy - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/hines-acquires-flagship-retail-asset-in-italy\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Hines Acquires Flagship Retail Asset in Italy\" \/>\n<meta property=\"og:description\" content=\"The 35,500-square-foot building is located in the heart of Milan's historical center.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/hines-acquires-flagship-retail-asset-in-italy\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2016-12-06T15:52:19+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-08T18:50:58+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/03\/Hines-Buys-Via-Torino-Asset-in-Milan.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"667\" \/>\n\t<meta property=\"og:image:height\" content=\"1000\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Adriana Pop\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/hines-acquires-flagship-retail-asset-in-italy\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/hines-acquires-flagship-retail-asset-in-italy\/\",\"name\":\"Hines Acquires Flagship Retail Asset in Italy - 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