Paul White, Senior Managing Director and HEVF 2 Fund Manager at Hines, said: “We are very pleased to have committed an €80 million investment to create a new student housing scheme in Florence. This marks our first investment in this sector on behalf of HEVF 2 and the asset was acquired off-market showcasing our deep market knowledge, the strength of our European platform and, of course, our access to high quality assets. It is in keeping with our conviction in the wider living sector and specifically that the student accommodation market will continue to attract institutional capital across Italy. The wider Manifattura Tabacchi scheme is one with fantastic potential for a mix of uses, and we expect this to have a beneficial impact on our investment over the long-term.”
“We at Hines are extremely satisfied with this investment in Florence, and it once again demonstrates our commitment to the expanding student housing sector throughout Italy,” stated Mario Abbadessa, Senior Managing Director & Country Head of Hines Italy.“We firmly believe that the creation of quality experiential spaces for students, will positively contribute to the evolution of a city like Florence. This project represents the third real estate project in Florence for Hines, after investments in Tornabuoni and Corso Italia, confirming Florence’s ability to attract international investors and its significance as a cultural hub. The project represents another significant step in the transformation of the city and we’re proud to be a part of it.”
“We look forward to working with Hines on Manifattura Tabacchi, their investment confirms the attractiveness of the project and of the city of Florence to the highest quality institutional investors. For Manifattura, Hines is the perfect investor, one that brings to the site a great wealth of experience and that shares our ambition of creating a new, contemporary, sustainable centre in Florence, which can complement the historic centre, in which students, artists, makers, and young creative minds can contaminate one another and innovate. This partnership, after the one with Polimoda, exalts the role of education as a force for urban regeneration, and contributes to strengthening Florence’s status among the world capitals of culture and education,” Giovanni Manfredi, CEO M.T. – Manifattura Tabacchi S.p.A. and Managing Director at Aermont Capital.
Source : Hines