Aedes fund sells Milan office for EUR 28m

The Investietico listed real estate fund, managed by Aedes BPM Real Estate SGR, has announced the sale of an office building located at San Donato Milanese, near Milan, to natural gas transport group Snam Rete Gas. The transaction amounts to nearly EUR 28 mln, generating around EUR 4 mln in capital gains.

Located at Piazza Santa Barbara 7, the asset was developed in 1990 and bought by the fund in October 2003. It consists of two four-storey buildings offering 10,500 m² of rentable area let to Snam Rete Gas as well as 60 parking spaces.

Investietico, with a life term of 10 year, owns a portfolio consisting of 13 commercial property assets valued at EUR 237 mln and mostly located in the cities of Milan, Turin and Rome. The fund matures in December 2012.