Hines has acquired a prime office complex valued at €50m (£41m) in Milan from Finint SGR.
The 11,000 sq m (118,403 sq ft) Via Broletto complex in the Brera district is the fourth property the firm has bought in Italy since January.
Earlier this year, Hines bought a €78m high street retail property in Florence and a €55m mixed-use building in Milan’s Via Dante.
With the addition of the Via Broletto complex, which was the former site of Gucci’s Milan headquarters, Hines’ Italian portfolio now includes over 1.5m sq ft of office space.
Mario Abbadessa, managing director and Italy head for Hines, said: “The investment in Via Broletto reinforces the intention of Hines to establish a long-term platform in Italy focused on investment in existing assets, located in permanent prime locations, to be re-used through a value-added approach.”