Qatar Buys 40% Stake in Milan’s Porta Nuova Business District (original) (raw)

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).