Hines has signed agreement to acquire the iconic 27-story mixed-use Torre Velasca tower in Milan on behalf of the Hines European Value Fund (HEVF 1) from Italian insurance company, Unipol, for an undisclosed price.
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, the mixed-use Torre Velasca tower in Milan, comprises over 20,000 square meters of office, multifamily and retail space.
“The Torre Velasca tower is an historic, landmark building instantly recognizable to all residents and visitors to Milan. This acquisition provides us with a genuinely generational opportunity to breathe new life into the outdated configuration and interior, transforming it into modern, contemporary workspace,” said Mario Abbadessa, Hines Italy country head.
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“The project sits perfectly with our track record of redeveloping and repositioning historic major buildings in the city to trophy asset status and creating core institutional real estate. The Missori district of Milan in which Torre Velasca is located is currently undergoing wholesale regeneration with significant institutional investment, so it’s an exciting time to be part of this evolving and dynamic part of the city,” he added.
GVA Redilco represented Hines as the lead commercial agent, supported by a wider advisory team of Ashurst, AMMLEX, DLA Piper and EY. Prelios Integra, REAAS, Asti Architetti, as well as FOA Studio Architetti Associati, acted as technical advisors. JLL advised Unipol.