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The Pirelli headquarters for sale
02 January, Il Giorno
One of the most popular offices in the Italian business world has been put for sale. The Pirelli headquarters in Milano-Bicocca, according to Milano Finanza, has been subject to a negotiation since a couple of weeks.
Torre Sgr, the real estate company 65% owned by the funds managed by Fortress Investment Group and 37.5% by Unicredit, is aiming at the building. Unicredit, in fact, has decided to dispose of the asset included in the fund Immobiliare Uno.
The negotiation is currently held by Torre Sgr together with Kryalos, the asset manager established in 2013 by Paolo Bottelli, with managed assets for a value of nearly 4 billion.
However, Kryalos will not be the final buyer, rather a Korean investment fund whose name has not been disclosed yet, also because the negotiations started just before the holidays.
The value of the operation, that sees the participation of international financial advisors and legal consultants, is assessed around 80-100 million euro and it will be defined over the next months. The buyer, however, has already communicated that he’s not intending to change radically the building’s structure, to the point that the occupancy by Pirelli will continue since the current lease contract, signed in August 2003, will expire on 31st July 2021 and it may be extended.
The headquarters of the tyre’s giant controlled by ChemChina (63.1%) is included in a broader urban planning project involving the Bicocca area in Milan. The building, named Pirelli Business Centre, was built between 2001 and 200 and it develops on a gross surface of almost 29 thousand Sq m, with a commercial surface of 23 thousand Sq m. It was bought at the time for 53.78 million, while its latest evaluation by Torre Sgr amounts to 72.4 million, based on an independent experts’ appraisal made in 2008. Pirelli is paying a yearly rent of 3.9 million revaluable, while it gross yield is assessed around 7.25% of the purchasing price. The negotiation with the Korean fund and Kryalos is based on a 7% yield on a yearly basis. Torre Sgr currently has 12 managed assets for a total value of 1.4 billion. Whereas the total assets of the fund Unicredit Immobiliare Uno, whose the Pirelli building is part, amounted to 256.2 million.
Source: Il Giorno
Translator: Cristina Ambrosi