12 September, Il Sole 24 Ore
Blackstone has recently launched Project Ermes to sell the former Poste Italiane central office in Piazza Cordusio, Milan city centre. Following its acquisition in 2015 and the restructuring for an investment of 23 mln €, Blackstone, together with its Italian partner Kryalos, is now ready to launch the bid targeting the main global players.
With a surface of 13,800 Sq m, the building is currently occupied by brands such as Starbucks and JP Morgan and is valued around 220-240 mln €. The transaction will take place in a scenario where cap rates keep reducing, with prime transactions in the centre of Milan closed at 3% or lower.
Source: Il Sole 24 Ore
Translator: Cristina Ambrosi