Qatar Holding has announced that it will acquire a 40 percent stake in a $2.56bn mixed used real estate project in Milan, Italy, Arabian Business reported.

In a statement, Qatar Holding and Hines Italia SGR announced a strategic partnership for the Porta Nuova project, managed by Hines Italia SGR.

Porta Nuova represents one of the most prestigious city centre mixed use developments in Europe with a market value in excess of €2bn.

The project is transforming the city of Milan by creating a new central district. The central building of Porta Nuova Garibaldi, which is leased to Unicredit, is Italy’s tallest structure and a new beacon for the city.