Hines and Catella families investing separately in Italy




The Hines family of Texas and the Catella family of Tuscany dissolved their 25-year Italian real estate partnership in 2015. Separately, the two families are raising capital for new Italian deals,

the

Wall Street Journal

reported.

Coima, the Catella family's company, has raised and invested €1 billion ($1.1 billion) in equity since the split and has projects worth more than €500 million in progress, the

Journal

article said. Coima is buying property through its real estate investment trust and making development deals through its asset-management arm, the report said.

Hines, based in Houston, “essentially rebooted itself in the fall of 2015 after selling Coima its stake in the venture they jointly owned,” the article said. In the past year, Hines has invested more than €700 million in seven properties, according to the report.

Gerald Hines and Riccardo Catella established the partnership, named Hines Italy SGR. After Riccardo Catelli died in 2004, his son Manfredi became Hines Italy's CEO. The company became one of Italy's leading developers, with more than 25 buildings, including Milan's Porta Nuova complex, the

Journal

article said. Hines Italy controlled more than €2 billion in assets, the article said.

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The two companies broke up the partnership “because of differences over strategy and risk appetite,” the

Journal

report said. Manfredi Catella wanted to maintain a development arm and take the company public on Italy's stock market. Hines “wasn't interested in an IPO and wanted to focus on privately funded real-estate investments and a more conservative strategy of buying existing property,” the

Journal

article said. (Source:

Wall Street Journal

, Feb. 1, 2017.)

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