Qatar Holding LLC and Hines Italia SGR S.p.A. announced today a strategic partnership in Italy for the Porta Nuova project in Milan, managed by Hines Italia SGR.
Porta Nuova represents one of the most prestigious city center mixed use developments in Europe with a market value in excess of €2 billion. The project is transforming the city of Milan by creating a new central district. The central building of Porta Nuova Garibaldi, which is leased to Unicredit, is Italy's tallest structure and a new beacon for the city.
Qatar Holding will acquire, through a subscription of newly issued units, an ownership interest of approximately 40% while the remaining 60% will continue to be owned by the current sponsors. The Porta Nuova project is financed by Intesa San Paolo, Unicredit, Hypothekenbank Frankfurt, Banca Popolare di Milano and Monte dei Paschi di Siena.
Qatar Holding's investment in Porta Nuova further diversifies its global portfolio in general, and increases its participation in the Italian real estate market in particular. The landmark project is expected to have a transformative impact for Milan and create value for all stakeholders.