BNP Paribas REIM has bought a fully-let 10,097sqm office property in Italy from a core European real estate fund managed by Hines.

Hines said the Hines European Core Fund (HECF) has sold the Via Crespi in Milan for an undisclosed amount. 

Via Crespi has been in HECF’s portfolio since 2014 and marked the fund’s first investment in Italy.

Simone Pozzato, managing director and HECF fund manager, at Hines, said: “The sale of Via Crespi is a successful example of our active core strategy to create long-term value through asset management. We successfully re-geared the existing lease in 2018 allowing us to secure a strong tenant for the long term.

Following the impact of COVID-19, we are re-balancing our sector exposure and view this as the right time to crystallise a strong return for HECF’s investors.”

Pozzato said the proceeds from the disposal have already been allocated to a new opportunity in the residential sector, a deal expected to close soon.

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