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Commerz Real has sold an office building in Milan to Kryalos SGR S.p.A., which intends to redevelop the property before including it in its new closed-end real estate fund Whitemoon. The property at Viale Fulvio Testi 280 in the Bicocca sub-market had been part of the portfolio of the Commerz Real open-ended real estate fund hausInvest since 2007.
“The sale meets with our objective of selling non-strategic assets at an attractive price in this favourable market environment,” explains Andreas Muschter, the Chief Executive Officer of Commerz Real. It was agreed that confidentiality be maintained on the purchase price.
Built in 1989 and revitalised in 2005, the property has a leasable area of approx. 16,400 square metres and 355 car parking spaces. Following the planned redevelopment, the new property is to offer a total of some 33,000 square metres of floor space on 13 overground storeys and three underground storeys. The sole tenant of the fully-leased office building is the Italian telecommunications company fastweb, which has a lease agreement through to 2019.
Source : Company