Ashurst has advised Hines on the preliminary purchase, on behalf of the Hines European Value Fund managed by Prelios SGR, of the iconic 27-storey mixed-use Torre Velasca tower in the centre of Milan.
Located on the Piazza Velasca in the heart of the city’s historic central business district, close to the Duomo di Milano cathedral, Torre Velasca comprises over 20,000 square metres of office, multifamily and retail space. Hines will embark on a comprehensive refurbishment and modernisation programme to transform the tower into a high-quality office-led, mixed-use scheme, while leveraging the global firm’s wider placemaking experience to enhance and fully reposition the surrounding piazza.
The acquisition further demonstrates Hines’ commitment to the Italian market, where since opening an office in 1999, it has developed and acquired a number of high street retail and office assets in Milan and Florence. This includes the development of the Porta Nuova business district in Milan and the acquisition of Via Tornabuoni in Florence.
The Ashurst team was led by partner Andrea Caputo (Picture), assisted by associate Diego Mallone and trainee Vincenzo Esposito, from the Milan office.
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