Hines, the international real estate firm, has successfully completed the acquisition of a flagship high street retail property on Via Torino, Milan’s prime mass market high street, for €52m on behalf of the Hines Pan-European Core Fund (HECF).
The 3,300m² building is located in the very heart of the historical centre of Milan c.500m from Piazza Duomo and Corso Vittorio Emanuele. Its retail units front onto one of the busiest streets in Milan distinguished by the presence of the major international mass market brands.
The iconic modern building is fully leased with the major tenant being the famous Italian shoemaker Geox, who established this location for their flagship store in Italy over 5 years ago.
Peter Epping, Fund Manager of HECF, added: “Italy 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.”
The legal support was provided by Freshfield Bruckhaus Deriger with PWC for the fiscal aspect. Savills also advised.