Government investment funds in Abu Dhabi, Qatar, and Azerbaijan have invested a combined $380 million in three different properties in Milan, Italy. According to a Wall Street Journal report, The State Oil Fund of Azerbaijan (SOFAZ) jointly with the sovereign-wealth funds of Abu Dhabi and Qatar will use the funds to both buy and develop the properties in the fashion hub; individual transaction details were not disclosed by the funds. The properties include:
SOFAZ is buying the Palazzo Turati at Via Meravigli 7, an office property in Milan's historical Central Business District, for €97 million, marking the fund's first real-estate purchase in Italy;
Abu Dhabi Investment Authority agreed to buy a 1960s building in the Italian northern city, which Milan-based Corriere della Sera newspaper said will be demolished and replaced by a new tower;
and Qatar Investment Authority completed a deal to acquire the historical building that housed BNL's (a subsidiary of BNP Paribas) headquarters in Piazza San Fedele in Milan.
All three assets will be managed by Italian property company Coima SGR, according to a person familiar with the transactions. For more news and information visit Blumberg Partners.
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