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Qatar in talks to buy stake in Italian business district
- Qatar: Sunday, April 14 - 2013 at 01:11
Qatar is in talks with Texas-based Hines to buy some, or all, of Milan's newly built Porta Nuova business district, as Italy's economic crisis pressures the US developer, Reuters has reported, citing sources. The 34-acre project has so far cost some €1.8bn ($2.4bn) and includes a series of towers. Work started in 2007, months before the global financial crunch, and office lettings and apartment sales are now behind projections, as the Italian economy stagnates and lags even other European states, two sources said. "The timing has been bad and Hines is keen to cut its exposure or get out at the right price," one of them added.
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