Qatar Holding LLC has agreed to buy a 40 percent stake in Milan's real estate development project Porta Nuova for an undisclosed sum, its developer Hines Italia SGR and Qatar Holding said in a joint statement.
Qatar Holding will subscribe to newly issued shares with the remaining 60 percent staying in the hands of the current sponsors of the project, according to the statement.
Porta Nuova has a market value of more than 2 billion euros ($2.57 billion), it said.
Back in April, several sources told Reuters Qatar was in talks to buy some or all of Milan's newly built Porta Nuova business district.
Reuters
16 May
