Real estate firm Hines bought the 27-story Torre Velasca mixed-use tower in Milan for an undisclosed sum.

Italian insurance company Unipol Gruppo SpA sold the property, which offers more than 20,000 square meters of office, multifamily and retail space. Hines, which made the purchase on behalf of the Hines European Value Fund, said it plans certain upgrades to the property.

Hines settled the transaction for approximately €150 million, Reuters reported, citing two sources close to the matter.

GVA Redilco represented Hines as the lead commercial agent, backed by an advisory team of Ashurst, AMMLEX, DLA Piper and EY.

Prelios Integra, REAAS, Asti Architetti, as well as FOA Studio Architetti Associati, were technical advisers. JLL advised Unipol.