Hines sells the Cordusio building leased to Uniqlo

For some months now, the trend in the real estate market has been highlighting the arrival in our country of family offices and wealthy individuals looking for opportunities to purchase real estate, across different sectors. Among the segments in the spotlight are hotels and retail.

It is in this context that one of the most recent transactions closed: the sale by Hines of the Milan building in Piazza Cordusio that houses the Uniqlo brand. Hines had bought it in 2016 from Sorgente Sgr for 130 million euro and redeveloped it to house the fast fashion brand's shop windows. The building has more than doubled in value in nine years.

Buying is Japan's richest man, Tadashi Yanai, founder and chairman of Fast Retailing, which controls Uniqlo itself. The sum on the plate would be more than EUR 300 million. The building also houses the offices of Bain & Co., the Italian headquarters. Does the move reveal other expansion plans for the brand in Italy? Hard to say, but it cannot be ruled out.