Qatar acquires all Milan's Porta Nuova business district

Amoung paid 'confidential'

27 February, 15:16

    Qatar acquires all Milan's Porta Nuova business district Qatar acquires all Milan's Porta Nuova business district

    (ANSAmed) - MILAN - The sovereign wealth fund of Qatar has become the sole owner of Porta Nuova, a new business district in Milan. The announcement was made on Friday in a press conference by the head of Hines Italia SGR, Manfredi Catella. Catella did not mention the amount paid by Qatar.

    ''The figure is confidential,'' he said, but ''it is of course an important transaction.'' ''It is one of the most important deals in Europe,'' he stressed, ''and certainly one of the most important in Italy.'' Catella added that work had been underway on the transaction for the past 6 to 7 months and that it was signed this week. Through a subsidiary, the Qatar Investment Authority (QIA) had in May 2013 acquired a 40% stake in the investment funds that own Porta Nuova, and now it has bought the entire project. Porta Nuova has a market value of over two billion euros.

    Initial investors in the project include the Hines European Development Fund, UnipolSai, and the Italian investment funds MHREC and HICOF as well as COIMA (of the Catella family, which remains in charge of property and project management activities) and Galotti. ''None of the investors earned less than 30%,'' regardless of when they entered the project, Catella said. The Qatar fund is a ''more economic than financial'' investment, he added. From the point of view ''of the project, nothing changes and the Italian platform has been confirmed.'' (ANSAmed).

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