Arab Today, arab today qatar takes full control of prime milan development
Last Updated : GMT 13:04:20
Arab Today, arab today
Arab Today, arab today

Conservatively valued at more than €2bn

Qatar takes full control of prime Milan development

Arab Today, arab today

Arab Today, arab today Qatar takes full control of prime Milan development

Property group Hines Italia
Milan - Arab Today

Qatar's sovereign fund has taken control of one of Italy's prime business areas after buying out other shareholders in a move hailed as heralding a new era of inward investment for the recession-bound country.
Property group Hines Italia announced Friday that the Qatar Investment Authority had taken 100 percent control of the Porta Nuova district in Milan, in which it has held a 40 percent stake since 2013.
Hines, insurer Unipol and several investment funds were among the selling shareholders in a 25-building development conservatively valued at more than two billion euros ($2.2 billion).
Hines boss Manfredi Catella would not disclose how much the Qataris had paid but hailed their willingness to splash out as "an extremely positive signal for Italy in terms of the attractiveness of the country."
Media reports said initial investors in the project had cashed out with a 30 percent profit in their pockets.
The district of Porta Nuova, which takes its name from an early 19th century Napoleonic gate, was subject to one of the most ambitious programmes of urban regeneration ever undertaken within the historic centre of a major European city.
Situated barely a kilometre (less than a mile) from Milan's iconic Gothic cathedral, the district is home to a number of landmark buildings including the cutting-edge headquarters of Italian bank Unicredit and the "Bosco Verticale" (Vertical Forest), a complex of two award-winning residential skyscrapers.
The acquisition is the latest in a string of eye-catching European purchases for Qatar, which already owns London department store Harrods and top French football club Paris Saint-Germain, as well as holding stakes in a string of blue-chip corporations.
Porta Nuova has been over a decade in the making with a huge space extending over 29 hectares (72 acres) having been reclaimed from its former use as railyards.
With its pedestrian walkways and cycle paths and a large park under development, it has been a huge hit with the discerning residents of Italy's business capital.
A wave of back-to-the-city gentrification has seen property prices shoot up against a national trend of stagnation at best.
Its centre is the Piazza Gae Aulenti, where the Cesar Pelli-designed Unicredit buildings are located.
Other prominent businesses to have bases there include Google and, this being Italy's fashion capital, there is no shortage of upmarket boutiques and trendy cafes.
Italian Prime Minister Matteo Renzi has made an increase in inward investment one of his government's priorities, pitching it as the potential reward for the labour market and legal reforms he is trying to push domestically.
Source: AFP

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today qatar takes full control of prime milan development Arab Today, arab today qatar takes full control of prime milan development

 



Arab Today, arab today
Arab Today, arab today Jordan airline suggests flyers 'talk'

GMT 11:59 2017 Friday ,24 March

Jordan airline suggests flyers 'talk'
Arab Today, arab today 5 Crafty Must-Have Limited-Budget Ideas

GMT 17:03 2017 Saturday ,25 March

5 Crafty Must-Have Limited-Budget Ideas
Arab Today, arab today Dozens dead in US-led Syria strikes

GMT 08:35 2017 Thursday ,23 March

Dozens dead in US-led Syria strikes
Arab Today, arab today Former head of Egypt’s syndicate submits appeal

GMT 20:11 2017 Saturday ,25 March

Former head of Egypt’s syndicate submits appeal

GMT 12:27 2017 Friday ,24 March

Democrats press Trump SEC nominee

GMT 21:20 2017 Thursday ,23 March

CBI sells more than $164m

GMT 19:19 2017 Wednesday ,22 March

Saudi Labor minister amends "Netaqat" program
View News in Arabic - Business: أخبار الأعمال
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Yemen children dream of school

GMT 07:25 2017 Friday ,24 March

Yemen children dream of school
Arab Today, arab today MP submits a petition to dismiss university head

GMT 06:21 2017 Friday ,24 March

MP submits a petition to dismiss university head
Arab Today, arab today Salvage of South Korea's Sewol ferry

GMT 04:51 2017 Friday ,24 March

Salvage of South Korea's Sewol ferry
Arab Today, arab today Prepares to give stargazers an eyeful

GMT 13:38 2017 Monday ,06 March

Prepares to give stargazers an eyeful
Arab Today, arab today Audi RS 5 Coupe acquires new design

GMT 13:22 2017 Thursday ,23 March

Audi RS 5 Coupe acquires new design
Arab Today, arab today Renault Trezor wins design award

GMT 11:56 2017 Tuesday ,21 March

Renault Trezor wins design award
Arab Today, arab today Actress Mervat Amin reveals her role in new series
Arab Today, arab today 2017 already marked

GMT 15:25 2017 Tuesday ,21 March

2017 already marked

GMT 06:04 2017 Thursday ,23 March

Haifa Wahby bets on her new drama show

GMT 22:00 2017 Thursday ,23 March

Number of unwedded girls amounts to 2.5m

GMT 18:57 2017 Tuesday ,21 March

Accessories designer reveals her new collection

GMT 10:34 2017 Tuesday ,21 March

Mexico threatens to ditch US corn imports

GMT 13:26 2017 Friday ,24 February

Expresses Algerian history by woody figures

GMT 15:06 2017 Saturday ,25 March

Dialysis Supplies Dwindle for Syrians

GMT 07:36 2017 Wednesday ,22 March

US, Britain ban laptops on flights

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons

GMT 19:27 2017 Saturday ,11 March

Boualsof launches "Priestess Kahina" collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday