Patrizia has added an Italian office asset and an office portfolio with redevelopment potential in Amsterdam to its portfolio.
Invel Real Estate said it has sold a fully-let office building at Via Bernina 12 in Milan to a fund managed by Patrizia Fund Managers for €43m.
Invel, which sold the asset on behalf of its fund managed by Castello, said the building in the Farini district, which was purchased by Invel as part of a broader portfolio in December 2016, comprises 11,000sqm of office space, along with 42 car parking spaces.
Grows Dutch development platform
Patrizia said it has bought nine freehold office buildings in the centre of The Hague, on behalf of a client, from Onderlinge Levensverzekering-Maatschappij ‘s Gravenhage UA for an undisclosed sum.
The portfolio, which is completely vacant, offers a total gross lettable area of circa 8,500sqm and in addition a private garden, 79 parking spaces and bicycle storage.
Patrizia said it has identified an opportunity to implement a comprehensive redevelopment programme, which will preserve the cultural heritage of the buildings and create modern, high-quality office space with new amenities and plenty of character.
Eight of the buildings are listed, having been constructed in the 1860s, whilst the ninth asset was completed in 2003.
Patrizia said it has identified an opportunity to implement a comprehensive redevelopment programme, which will preserve the cultural heritage of the buildings and create modern, high-quality office space with new amenities and plenty of character.
Emile Poort, head of transactions Patrizia Benelux, said: “This acquisition demonstrates the strong appetite that exists amongst our investors for value-add investment opportunities in the Netherlands.
“Strongly aligned to our strategy of identifying properties with upside potential in established and developing locations where occupier demand is strong, this portfolio presents a compelling opportunity and also grows our Dutch development platform.”
