Qatar Sovereign Fund Moves in on Milan Business District
Sovereign wealth funds are breathing life into Italy – at least into office real estate. Hines Italia SGR, part of Houston-based Hines, announced that Qatar Investment Authority (QIA), through Qatar Holding LLC, has taken a 100% interest in the Porta Nuova district in Milan. The QIA had a 40% stake in the massive mixed-use development since May 2013. The 25-building development was valued a bit more than €2 billion. COIMA s.r.l, founded by the Catella Family, will assume property and project management responsibilities of Porta Nuova.
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