Government investment funds in Azerbaijan, Abu Dhabi and Qatar in the past two weeks have agreed to invest a combined €350 million ($380 million) to buy and develop three separate properties in Milan, according to a person familiar with the transactions, the Wall Street Journal reported.
The Abu Dhabi Investment Authority is buying a 1960s building that will be demolished to make way for a new tower, and the State Oil Fund of the Republic of Azerbaijan is buying a building from the Italian chamber of commerce,
The Qatar Investment Authority agreed to buy a property from BNP Paribas SA.
All three assets will be managed by Italian property company Coima SGR, the person said.
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