Hines European Core Fund (HECF) has sold an office property, Via Crespi, in Milan to BNP Paribas REIM, for an undisclosed price.
Via Crespi, the 10,097-square-meter A-grade office property, is spanning seven floors complete with underground parking for 170 vehicles, located in the Maciachini Business District of Milan.
Via Crespi has been in HECF’s portfolio since 2014 and marked the fund’s first investment in Italy.
In 2012, Via Crespi was redeveloped in accordance with the highest international sustainability and quality standards obtaining an HQE rating, as part of a larger renovation program for the area.
In total, the Maciachini Business Park comprises of 130,000 square meters of office, retail and green space which many international occupiers call their home. In addition, the site is well connected to local transport routes including direct metro access to Milan’s Central Station and the Duomo Cathedral.
“The sale of Via Crespi is a successful example of our active core strategy to create long-term value through asset management. We successfully re-geared the existing lease in 2018 allowing us to secure a strong tenant for the long term. Following the impact of COVID-19, we are re-balancing our sector exposure and view this as the right time to crystallize a strong return for HECF’s investors. Proceeds have already been allocated to a new opportunity in the residential sector that we are looking to close during summer,” said imone Pozzato, Managing Director and HECF Fund Manager, at Hines.
The property is fully let to one occupier, a world-leading company in the field of luxury goods, on a long lease.