Qatar takes full ownership of $2.25bn Milan business district
Gulf state’s sovereign wealth fund buys the 60 percent of Porta Nuova area in Italy it doesn’t already own
Qatar has acquired full ownership of a Milan business district valued at $2.25 billion, it has been reported, in the latest high-profile European property acquisition by the Gulf state.
The sovereign wealth fund Qatar Holding bought the 60 percent of the Porta Nuova development that it did not already own, according to Reuters.
Hines European Development Fund and Italian insurer Unipol SAI are among the sellers, according to a statement. The value of the transaction was not disclosed.
Qatar owns several stakes in prime real estate in Europe, including The Shard building in London – the UK capital’s tallest building – and recently agreed to buy the Canary Wharf financial district for $4 billion.
