⁍ U.S. real estate group Hines and Kuwait Investment Office-backed Cale Street to invest.
⁍ 500 million euros to buy and develop part of a former industrial area.
⁍ The 250,000 square metres plot is part of the bigger MilanoSesto project.
– “Stalingrad” is no more. US real estate group Hines has bought a huge chunk of land on the outskirts of Milan, Italy, in a deal worth nearly $600 million, Reuters reports. The 250,000-square-foot site is part of a larger project to redevelop an area of 1.5 million square feet used to house a steel plant, and is expected to start construction next year. The area was dubbed “Stalingrad” after factories sprang up during Italy’s economic boom in the 1960s and ’70s.
Source: https://www.reuters.com/article/italy-real-estate/hines-cale-street-bet-almost-600-mln-on-revamping-italys-stalingrad-idUSL8N2HC3IP