Banca Italease has sold its headquarters on Piazzale Cadorna in Milan to energy group Edison for around EUR 60 mln. The disposal is part of Italease's decision to relocate to a new office building at Via Stile. The transaction price is about 9% more than the EUR 55 mln book value of the property, it said.
Banca Italease has sold its headquarters on Piazzale Cadorna in Milan to energy group Edison for around EUR 60 mln. The disposal is part of Italease's decision to relocate to a new office building at Via Stile. The transaction price is about 9% more than the EUR 55 mln book value of the property, it said.
The Italian lender is still looking for a buyer for its other Milan office at Cino Del Duca. The sale is expected to be carried out before the end of 2010.
Last week, Italian real estate fund manager Castello SGR acquired two commercial buildings located in the Milan area from Italy's Redilco Real Estate and Iniziative Milano Ovest (IMO), a joint venture of Redilco RE and developer Inpartner. The assets are earmarked for Castello's Augusto fund. The financial details were not disclosed.
The properties consist of a four-storey office building with a gross surface area of 15,000 m2 and 83 parking spaces located in Trezzano sul Naviglio and a logistics asset in Cornaredo, west of Milan. The latter, offering 14,000 m2 of gross space over three floors and 91 parking spaces, is located within a large business park development which on completion will also feature a hotel and other commercial properties.
