Hines, the international real estate firm, has completed on behalf of CNP Assurances, a leading French insurance company, an investment in a trophy office property on Piazza Edison, Milan’s prime office destination adjacent to Piazza Cordusio and the Milan Stock Exchange, for 220 million euros (see here the press release).
The 22,000 square-meter building is located in the very heart of the historical center of Milan, about 500 meters from Piazza Duomo and close by Piazza Cordusio. The building recently underwent a complete renovation establishing a new standard for the office market in Milan in terms of quality and efficiency.
The iconic modern building is fully leased to prime international tenants such as DLA Piper law firm, London Stock Exchange, Invesco and All Funds.
Led in Italy by the country manager Mario Abbadessa, Hines has been supported in the deal by BonelliErede as for the legal issues with KPMG for tax, J&A for technical, REAAS for environmental and GVA Redilco for commercial aspects.
Hines has been quite active in Milan in the last few months, having bought from Sorgente sgr a building in via Dante for a 70 mllion euros price, palazzo Aliverti in via Broletto (Gucci’s Milan headquarter) for 50 milllion euros, ba building in via Torino (Geox’s flagship store) and a building in via Crespi (sRichemond’s headquarters in Milan). In Flores Hines bought an ancient building in via Tornabuoni for 89 million euros (guesting shops by Tiffany, Burberry, Omega and Swatch and the Tornabuoni hotel).