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Qatar Sovereign Fund To Buy Rest Of Prime Milan Property Area

Qatar Sovereign Fund To Buy Rest Of Prime Milan Property Area

As per the deal, Qatar Holding will buy the 60 per cent of Porta Nuova it does not already own for an undisclosed sum.

Qatar’s sovereign fund will become sole owner of a prime real estate area in Milan, which has a market value of more than two billion euros ($2.25 billion) and is home to the new high-rise headquarters of Italy’s UniCredit .

Under the agreement, Qatar Holding will buy the 60 per cent of Porta Nuova it does not already own for an undisclosed sum, Manfredi Catella, chief executive of Hines Italia, said on Friday.

Hines European Development Fund and Italian insurer Unipol SAI are among the sellers.

Qatar Holding, which is wholly owned by Qatar Investment Authority, bought a 40 percent stake in the development in May 2013.

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