L’ acquisizione di “ Piazza Cordusio “ da parte di Hines vista da Houston

Hines, the international real estate firm, and German investment company Universal-Investment, have successfully completed the acquisition of a seven-story retail and office building on Piazza Cordusio in the historical center of Milan for an institutional real estate fund administered and managed on behalf of Bayerische Versorgungskammer (BVK), Germany’s largest pension scheme group, with approximately €62 billion assets under management. The asset has been acquired from Fondo Megas and managed by Sorgente SGR, part of Sorgente Group.

The 11,000-square-meter 19th century building at 2 Piazza Cordusio is located in the heart of the commercial and financial district and adjacent to the Galleria Vittorio Emanuele and the Duomo of Milan. Overlooking Piazza Cordusio, the iconic property is almost fully vacant. It will undergo redevelopment to bring the building back to its former grandeur, creating flagship high-street retail units on the ground and first floors, and making full use of the building’s large frontage. The upper floors will be converted into exclusive offices with a view of the Piazza and the center of Milan.

This transaction is the fourth acquisition by Hines and Universal-Investment for the BVK mandate, having been appointed late last year to execute a €1.3 billion investment program targeting prime high-street retail property across Europe. The acquisition follows the purchase in March of another flagship building in the historical center of Milan, Via Dante 16. Further acquisitions of prime high-street retail assets were previously made in Oslo’s Karl Johans Gate and Glasgow’s Buchanan Street.

Piazza Cordusio is one of the most iconic squares in Milan and has been the center of the Italian finance industry since the 19th century. Following the relocation of several institutions, such as Unicredit which consolidated its headquarters in the new Hines-developed business district of Porta Nuova, Piazza Cordusio will be regenerated through a joint effort by the City of Milan and local property and business owners. Situated between the popular retail locations Via Dante and Galleria Vittorio Emanuele, the Piazza will be integrated into the high-street market and revitalized as a more appealing destination.

Mario Abbadessa, Italy country head for Hines, said “Piazza Cordusio is an outstanding location in Milan’s historical center that will play a vital role as the nucleus between the different retail locations in Milan and a showcase for flagship stores. With its stature and visibility, 2 Piazza Cordusio is a special building that is ideally placed to house some of the world’s best retail brands currently looking for attractive space in Milan.”

Peter Epping, Fund Manager of the BVK mandate for Hines, said “With its unique location on Piazza Cordusio forming part of the regeneration of one of Milan’s grand piazzas, 2 Piazza Cordusio is an ideal asset for a redevelopment strategy for BVK. We aim to create an outstanding asset that will not only create significant value for our investor, but also play its part in improving Milan’s city center and make it a pleasant place for people to shop and visit.”

Lars Huber, CO-CEO of Hines Europe, added “Italy represents an attractive market with significant potential. The quality of the building, coupled with its excellent location and diverse income profile from both retail and office tenants, make this asset a compelling proposition for BVK.”

Since entering Italy in 1999, Hines has developed 20 projects, including the landmark mixed-use development Porta Nuova in Milan, which includes 140,000 square meters of office, 125,000 square meters of residential and 40,000 square meters of retail and cultural venues.

Alexander Tannenbaum, Managing Director at Universal-Investment, heading the Real Estate division, added “High-street retail properties are in strong demand by German institutional investors as they currently provide an interesting opportunity to diversify their real estate portfolios.”

 

Source : Company

Testata giornalistica non registrata ai sensi dell’Art.3 bis del D.L. 18 maggio 2012, n. 63 convertito in Legge 16.07.2012 n°103

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