Japanese tycoon Yanai buys Uniqlo building in Milan for $339 million, source says
Yanai, Japan's richest man, is buying the building from U.S. property firm Hines, the source added. Hines declined to comment. Yanai could not immediately be reached for comment. A representative for Fast Retailing Co., Uniqlo's owner, could not immediately comment.
The 19th-century building is in Milan's central Piazza Cordusio, where Uniqlo's flagship store has been since 2019. The 161,000-square-foot structure, called Cordusio 2.0, was acquired by Hines in 2016 and renovated. It stands across from the city's Starbucks Reserve Roastery and near Milan's main Duomo Square.
JLL advised Yanai. The real estate and investment management services firm confirmed it worked as an adviser for a family office involved in the transaction, without giving further details.
The sale was first reported by Green Street News, which said that Yanai had recently also bought a Uniqlo-occupied building in Amsterdam and another one in London.
Milan's property sector has seen a renaissance in recent years as revitalization projects have helped transform several run-down neighborhoods into upscale landmark zones. Last year, Gucci owner Kering SA spent 1.3 billion euros for a property on Milan's Via Monte Napoleone, its toniest shopping street.
($1 = 0.8855 euros)
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Euronews
2 days ago
- Euronews
Japan's SoftBank to buy $2 billion stake in chip maker Intel
ADVERTISEMENT Japanese technology giant SoftBank Group plans to take a $2 billion (€1.7bn) stake in computer chip maker Intel as it deepens its involvement in semiconductor manufacturing and other advanced technology in the United States, the companies said Monday. Shares in SoftBank fell 4% Tuesday in Tokyo following the announcement, which coincided with unconfirmed reports that President Donald Trump is considering having the US government buy a stake in the chip maker. Intel's rose 5.4% early Tuesday in pre-market trading. SoftBank ramps up US investment SoftBank invests in an array of companies that it sees as holding long-term potential and has been stepping up investments in the United States since Trump returned to the White House. In February, its chairman Masayoshi Son joined Trump, Sam Altman of OpenAI and Larry Ellison of Oracle in announcing a major investment of up to $500 billion (€428bn) to develop an artificial intelligence project called Stargate. SoftBank plans to buy Intel stock SoftBank plans to buy $2 billion (€1.7bn) of Intel's common stock, paying $23 (€19.70) per share. That would be about a 2% stake. Intel's shares closed at $23.66 (€20.26) on Monday. 'Semiconductors are the foundation of every industry, Son said in a statement. 'This strategic investment reflects our belief that advanced semiconductor manufacturing and supply will further expand in the United States, with Intel playing a critical role." Intel helped launch Silicon Valley but has fallen behind rivals like Nvidia Corp. and Advanced Micro Devices Inc. and is shedding thousands of workers and slashing costs under its new CEO, Lip-Bu Tan. Intel plans to end the year with 75,000 'core' workers excluding subsidiaries, through layoffs and attrition, down from 99,500 core employees at the end of 2024. The company previously announced a 15% workforce reduction. Trump recently said Tan, who was made CEO in March, should resign but after meeting with him last week said he had an 'amazing story.'
France 24
3 days ago
- France 24
German minister says China 'increasingly aggressive'
"China repeatedly threatens, more or less openly, to unilaterally change the status quo and shift borders in its favour," Johann Wadephul said in Japan, citing China's behaviour in the Taiwan Strait and the East and South China Seas. "Any escalation in this sensitive hub of international trade would have serious consequences for global security and the world economy," Wadephul said after talks with Japanese counterpart Takeshi Iwaya. A statement issued on Sunday before Wadephul's visit to Japan -- and later Indonesia -- said that China was "increasingly asserting its regional supremacy and, in doing so, is also questioning principles of international law." "China's increasingly aggressive behaviour in the Taiwan Strait and the East and South China Seas also has implications for us in Europe: fundamental principles of our global coexistence are at stake here," the statement quoted Wadephul as saying. In the joint press statement in Tokyo, Wadephul also criticised "China's support for the Russian war machine" in Ukraine. "Without it, the war of aggression against Ukraine would not be possible. China is Russia's largest supplier of dual-use goods and Russia's best oil and gas customer," Wadephul said. He also said ahead of talks later Monday between US President Donald Trump, Ukrainian President Volodymyr Zelensky and European leaders that security guarantees for Kyiv were "crucial". Trump's summit on Friday with Russian counterpart Vladimir Putin in Alaska "made it clear that for a just and lasting peace, Moscow must finally act. Until that happens, pressure on Russia must be increased, including with increased aid to Ukraine," Wadephul said. The talks on Monday in Washington are about establishing "the elements of a negotiated solution on the path to a just peace for Ukraine," he said. "Firm security guarantees are crucial for this. Because Ukraine must be able to defend itself effectively even after a ceasefire and peace agreement."
Euronews
6 days ago
- Euronews
Japan's economy holds steady at half-year mark despite Trump tariffs
The Japanese economy grew at a better than expected 1% annual pace in the last quarter, boosted by exports that held up despite US President Donald Trump's higher tariffs. The US has imposed a 15% tax on imports from Japan. That's higher than before for some products but down from the 25% tariff Trump announced earlier. Real gross domestic product (GDP), which measures the total value of a nation's goods and services, expanded 0.3% in the fiscal first quarter compared to the previous quarter, beating analysts' estimates. It was Japan's fifth straight quarter of growth. Tourism boosts Japanese economy Japan's exports grew 2.0% in the period, according to preliminary data from the Cabinet Office. A 90-day pause on higher tariffs for most goods and most trading partners enabled companies to rush some exports to try and beat the higher import duties. But the 15% tariffs took effect as of last week, closing that window. A surge in visits by foreign tourists has also helped, though it has also raised resentment among some Japanese upset over various aspects of dealing with outsiders. Apart from exports, capital investment rose 1.3% from a year earlier, helping to drive faster growth. But consumer spending remained relatively weak, growing just 0.2%. Prices rise but wage growth slows Prices have been rising steadily while wages have stagnated. The stronger than expected economic performance in the last quarter raises the likelihood that Japan's central bank may push ahead with raising its benchmark interest rate from its longstanding level near zero to help cap inflation. The higher tariffs that Trump has imposed to try to get companies to increase manufacturing in the United States have added to pressure on Prime Minister Shigeru Ishiba, who is facing calls to resign after the ruling Liberal Democrats and their coalition partner, Komeito, failed to win majorities in both houses of the parliament.
