Overview – APRIL

 

Foreign capitals have been focusing in the north of the country, especially in Milan. The city is witnessing the thriving activity of American and Middle Eastern investors acquiring and requalifying real estate assets in the city. The operations amount to 4 billion euro in total, according to Cbre. Retail investments focus on luxury high-street in Via Torino and Corso Buenos Aires. Meanwhile, in Veneto, the German e-commerce group Zalando is to open a second logistic hub in Italy.

Residential

The third building of the residential project of Borio Mangiarotti in collaboration with Värde Partners in the Fiera area of Milan has been put for sale. The building has six floors, covering 4,200 Sqm, and a total of 47 apartments. One year from the launch, 85% of the houses of the development have already been sold, the average price is 6,000 euro/Sq m. The project termination is expected by 2020.

Offices

Coima Sgr bought for 175 million euro the complex located in Via Pirelli 39, also known as Pirellino, through a public auction launched by the City of Milan. The asset consists of a 26-story tower and a lower bridge structure for a total surface of 60 thousand Sqm. Meanwhile, Cromwell Property Group acquired from Kryalos an office building in Milan entirely leased to Pirelli Tyre for a surface of 22,700 Sqm. The acquisition was carried out on behalf of Korea Investment Management Co. Ltd. Finally, Allianz Real Estate acquired a multi-tenant office complex in the fast-growing area of Tortona in Milan from BNP Paribas SGR for 83 million euro. The complex is composed of two buildings – Ares Tower and Athena Tower – covering a total surface of 19,275 Sqm.

Banks

Concerning NPL portfolios, Banco Bpm continues with its de-risking activity. The bank received bids concerning the acquisition of an impaired-loan portfolio, including moveable assets, real estate assets and underlying contracts. The operation might amount to a total of 778 million euro. Meanwhile, Intesa Sanpaolo entered a non-binding agreement with Prelios for the possible creation of a strategic partnership concerning the bank’s UTPs. The operation might amount to 1-2 billion euro.

Hospitality

Oaktree has recently entered an agreement to acquire a hotel portfolio amounting to 300 million euro from Castello Sgr to create a fund specialized in hospitality and managed by Castello. The acquisition concerns 15 assets, five of which are luxury hotels. The American group plans to carry out further investments in Italy for other 700 million euro.

After having moved to Tiburtina, Bnl had put for sale its offices in Via Veneto, Rome, inviting a selected number of candidates to bid for the 24 thousand Sq m palace. Following the decision to turn the asset into a hotel, the bank chose Raffles (Accor) as the possible company to manage the hotel, although the final decision will be up to the future owner. The selling price is estimated at 250 million euro, excluding requalification and conversion costs for about 60 million euro.

Logistics

The Bari freight terminal has gone to Prelios and Tpg Sixth Street for 41 million following the order of the Court of Bari concerning the debt reorganization of the asset and of its parent company Italfinance, which will continue managing the facility.

 

 

 

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