Qatar’s sovereign wealth fund has bought a 40-percent stake in a new 290,000-square metre skyscraper project near the centre of Milan with a commercial value of 2.0 billion euros ($2.6 billion), the companies said on Friday.
Texas-based Hines’ Italian arm leads the project.
“Land is Italy’s most important natural resources and we are confident it can be a strategic engine for development and economic growth,” said Manfredi Catella, chief executive of Hines Italia.
“The agreement is a fundamental signal for the Italian economic system and the international capital market,” he was quoted as saying.
Qatar Holding last year bought a luxury resort on the Italian island of Sardinia with one of the country’s most beautiful stretches of coastline.
In 2012, Qatar also set up a joint venture with Italy with a 2.0 billion euro fund to invest in Italian business including in fashion, food, tourism and design.