Qatar's sovereign fund will become sole owner of a prime real estate area in Milan, which has a market value of more than 2 billion euros ($2.25 billion) and is home to the new high-rise headquarters of Italy's UniCredit .

Under the agreement, Qatar Holding will buy the 60 per cent of Porta Nuova it does not already own for an undisclosed sum, Manfredi Catella, chief executive of Hines Italia, said.

Hines European Development Fund and Italian insurer Unipol SAI are among the sellers.

Qatar Holding, which is wholly owned by Qatar Investment Authority, bought a 40 per cent stake in the development in May 2013. – Reuters