July 29, 2015 / 6:15 AM / 3 years ago

China's Fosun buys former UniCredit HQ in Milan

SHANGHAI, July 29 (Reuters) - Chinese conglomerate Fosun International Ltd said on Wednesday it had purchased a landmark building in the centre of Milan, as increasingly bold Chinese firms flex their financial muscles overseas.

Sources told Reuters in April that Fosun had agreed to buy the former headquarters of Italian bank UniCredit for 345 million euros ($381 million).

Fosun did not confirm the value of the deal.

Fosun said in a statement a subsidiary Fidelidade Insurance had acquired Milan’s historic Palazzo Broggi, helping the firm “enhance and diversify its real estate portfolio in Europe” following the purchase of Lloyds Chambers in London in 2013.

Led by tycoon Guo Guangchang who models himself on Warren Buffet, Fosun has been active on the global stage with its reach stretching from wealth management group BHF Kleinwort Benson to French holiday firm Club Mediterranee.

$1 = 0.9045 euros Reporting by Adam Jourdan; Editing by Gopakumar Warrier

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