Hines sells Milan building for €300m+ to Uniqlo owner

Global real estate investor and manager Hines has sold a mixed-use building in the historic centre of Milan, Italy, to Japanese businessman Tadashi Yanai. 

Cordusio 2.0 building in Milan

Yanai is the founder and president of Fast Retailing, the parent company of fashion brand Uniqlo.
The Cordusio 2.0 building in Milan's Piazza Cordusio was sold for over €300 mln, according to Italian press reports.
Originally purchased in 2016 on behalf of German pension fund BVK by Hines for €120 mln, the 15,000 m² building houses Uniqlo's Italian flagship store, Bain & Co.'s Italian headquarters, the flagship store of athletic wear brand Champion, and other high-profile tenants.
Built in 1892, the building was renovated in 2018 by Hines, financed by a €75.6 mln loan from Unicredit. The renovation created high-end retail spaces across the lower three floors, while the upper floors were transformed into premium offices. The refurbishment adhered to the highest sustainability and energy efficiency standards, obtaining LEED GOLD certification while preserving the building's original architecture and materials. Uniqlo then leased the retail space, opening its first Italian store in 2019.
In 2021, Hines secured a €130 mln green loan from ING and Unicredit for Cordus 2.0.
JLL’s Capital Markets UK and Italy teams advised the buyer on the purchase.