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Hines, PGGM kick off new account with €110M property purchase in Milan

Hines Real Estate Investment Trust Inc. and its joint venture partner, Dutch pension fund company PGGM, completed the first purchase for their new separate account, with the acquisition of a three-building portfolio in Milan from Banco BPM for €110 million.

The account, which has an initial equity commitment of €155 million, will primarily invest in high-street retail, office and mixed-use developments in Milan.

The 20,000-square-meter retail and office portfolio comprises the 10-story Piazza Liberty tower in the center of Milan and two buildings in the historic center on Via del Lauro and Via Mazzini. In line with the partners' focus on sustainability through asset refurbishment, the buildings will see a €30 million revamp, according to a release.

Vitale&Co served as financial adviser for the acquisition, while Legance was legal adviser and Reas and Studio Asti were technical advisers.