Hines, the international real estate firm, announced that it is selling its interest in Hines Italia SGR to Manfredi Catella, current CEO of Hines Italia SGR and head of the Hines Italian operation for the past decade. Going forward, Hines will consider and pursue future development and investment opportunities in the Italian market out of the firm's European regional office. Funds managed by Hines outside of Italy will continue to retain ownership in their Italian assets.
Hines' Italian office opened in 1999 in Milan under the leadership of the late Riccardo Catella. His son, Manfredi, joined the firm in 2001, and assumed leadership of Hines Italy in 2005. Alongside the firm's development business, Hines launched the Italian fund/asset management company, Hines Italia SGR, in 2007, which was co-owned by Hines and Catella until the sale.
Hines' 28-building mixed-use project, Porta Nuova in Milan, was recently sold to Qatari Holding, LLC.
CEO of Hine Europe Michael J.G. Topham commented, "As we carefully considered our post-Porta Nuova plans for Italy, we concluded that the regulated fund management business in Italy does not fit within our future European strategy. We would like to thank Manfredi and our Italian team for all of their great efforts and successes in the past years. This sale does not represent an exit for us from Italy and Hines will continue to look for interesting investment opportunities there on behalf of different investment vehicles."
The Italian investment management company, founded in 2007, and currently managing assets valued at €5 bln, has been rebranded COIMA SGR as part of the COIMA platform established in 1974 by the Catella family to create country-specific core and value added investments.
Source: Hines
