Source: Hines

Florence - Hines, the global real estate firm, and Blue Noble, an international real estate investment manager, joint investors in the “Future Living” fund managed by Savills Investment Management SGR SpA, confirm that a lease agreement with Starhotels for the management of part of the asset of Corso Italia in the heart of Florence has been finalised.

The agreement with Starhotels, a leader in the Italian hospitality market, is to manage three of seven buildings at Corso Italia, formerly home to the ‘Teatro del Maggio Fiorentino’. The new residential rental offer - Il Teatro Luxury Apartments – Starhotels Collezione - will include over 150 high end apartments of different typologies and dimensions for unique short-medium term stays. As a result, Corso Italia will relaunch while respecting the location’s cultural heritage and offering an innovative residential for rent product that is in growing demand.

The rental apartments will come to market in 2024 and will provide over 170 parking spaces, a conciergerie, a terrace with solarium, a wellness centre, a gym, and also areas for the whole community dedicated to children, coworking and food & beverage. A key objective of the regeneration plan is to enhance the surrounding area including a new piazza to be developed, with the aim of becoming a destination of interest for the whole city. Furthermore, the redevelopment will also include a number of apartments for sale.

The agreement with Starhotels is part of a broader vision of the project to source materials from and partner with Italian companies. In its role as development advisor, Hines has assisted in the selection of materials, construction companies and architects involved, with a strong focus on Italian character, as a symbol of quality. In line with Hines’ and Starhotels’ values, the whole operation will be carried out according to the highest international standards of environmental sustainability and energy efficiency, with the goal of obtaining the LEED GOLD target.

“This deal is of great significance to us, as the city’s former theatre will be reimagined as an innovative residential rental product with flexible options to meet the needs of increasing mobile guests," commented Mario Abbadessa, senior managing director & country head of Hines Italy. “We finalised our first investment in Florence in 2016 with the acquisition of an asset in Via Tornabuoni and we will keep investing in the city as its world renowned for cultural and artistic wealth. We believe in Florence and its future potential and our urban projects are designed to give back renewed spaces to the community, creating value for the city.”

“Blue Noble welcomes Starhotels to our proposed residential rental offering in the historical city of Florence,” said Paul Forshaw, Founding Partner and CEO of Blue Noble. “As the city’s former theatre, the site has significant cultural heritage and historical importance. Starhotels is an Italian brand with an appreciation of Florentine culture. We believe that they are naturally positioned to reflect this in the operation of exceptional short-medium term housing solutions meeting, and exceeding, the demands of increasingly mobile guests.”

“This project is full of meaning for us Florentines, which was once the beating heart of music in the city. A few months before the launch of our Duomo Luxury Apartments in Milan, we are enthusiastically taking on this challenge to strengthen our presence in the high end residential market, to meet the needs of modern business and leisure travellers,” declared Cavaliere del Lavoro Elisabetta Fabri, President and CEO of Starhotels.

About Blue Noble

Blue Noble LLP (‘Blue Noble’) is an independent, full service real estate investment management company, authorised and regulated by the Financial Conduct Authority (‘FCA’). Blue Noble was founded in 2017 by a team of experienced real estate professionals, previously from HSBC Alternative Investments Limited.

Blue Noble offers specialist real estate investment management globally for both private and institutional investors through club deals, separate accounts and funds. Blue Noble has a substantial and diversified asset base along with significant equity capital to deploy.

Visit www.bluenoble.co.uk for more information about the firm.

Starhotels

Starhotels, the first Italian private hotel company by revenue, is a market leader in the upscale, upper-upscale & luxury sectors of the hospitality industry. The Group vaunts 30 hotels located in the heart of the top Italian destinations, in addition to London, Paris and New York, with more than 4,200 rooms.

Starhotels is synonymous with the excellence of Italian hospitality, offering impeccable service that excels at anticipating the guests’ wishes and exceeding their expectations.

The prestigious Starhotels Collezione – icons of style in the most beautiful destinations in the world – stand out for their strategic positions, sophisticated design and bespoke services. Starhotels Collezione properties are located in Florence, London, Milan, New York, Paris, Rome, Saturnia, Siena, Trieste, Venice and Vicenza.

Starhotels Premium, located in the heart of the most beautiful Italian cities, Bergamo, Bologna, Florence, Genoa, Milan, Naples, Parma, Rome, Saronno and Turin, stand out for their contemporary style, and perfect combination of elegance and comfort, providing an intangible sense of well-being through excellent and welcoming service.

About Hines

Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 285 cities in 28 countries. Hines oversees investment assets under management valued at approximately $90.3 billion¹. In addition, Hines provides third-party property-level services to 373 properties totaling 114.2 million square feet. Historically, Hines has developed, redeveloped or acquired approximately 1,530 properties, totaling over 511 million square feet. The firm currently has more than 198 developments currently underway around the world. With extensive experience in investments across the risk spectrum and all property types, and a foundational commitment to ESG, Hines is one of the largest and most-respected real estate organizations in the world.

Since entering Europe in 1991, Hines has grown its European platform to include offices in 17 cities as well as a presence in 60 cities in 14 countries. Hines oversees investment assets under management valued at approximately €24.5 billion and provides third-party property-level services totaling 4.3 million square metres in Europe, in Austria, Czech Republic, Denmark, Finland, France, Germany, Greece, Ireland, Italy, Netherlands, Poland, Spain and the United Kingdom.

Visit www.hines.com for more information.

1. Includes both the global Hines organization as well as RIA AUM as of 31 December 2021