"Qatar Holding LLC, a unit of the Persian Gulf emirate’s sovereign-wealth fund, agreed to buy a 40 percent stake in Milan’s newly built Porta Nuova business district to expand its Italian real estate holdings.
Qatar Holding signed a strategic partnership with Hines Italia SGR, the project’s developer, and agreed to purchase the stake through a subscription of newly issued shares, the companies said in an e-mailed statement today. While the purchase price wasn’t disclosed, they said the project is valued at about 2 billion euros ($2.6 billion).
Qatar Holding’s investment “further diversifies its global portfolio in general, and increases its participation in the Italian real estate market in particular,” the companies said. “The landmark project is expected to have a transformative impact for Milan and create value for all stakeholders.”"
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