Dec
06
Hines Acquires Flagship Retail Asset in Italy
ByThe 35,500-square-foot building is located in the heart of Milan’s historical center.
Hines Buys Via Torino Asset in MilanMilan, Italy—Hines has closed on the acquisition of an iconic high-street retail property on Via Torino in Milan. The company paid approximately $55.8 million (€52 million) to purchase the asset on behalf of the Hines Pan-European Core Fund (HECF).
The 35,500-square-foot building is situated in the heart of the city’s 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.
“The 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,” Mario Abbadessa, Italy’s head for Hines, said in prepared remarks…
