Italian real estate company Bastogi, advised by Savills, has sold an office and laboratory property on Via Bisceglie in Milan to an Italian investment fund for EUR 35.5 mln, reflecting a gross initial yield of 5.5%.
Italian real estate company Bastogi, advised by Savills, has sold an office and laboratory property on Via Bisceglie in Milan to an Italian investment fund for EUR 35.5 mln, reflecting a gross initial yield of 5.5%.
The 12,000 m2 scheme consists of two separate buildings with car parking facilities. It is currently let to Vodafone at an annual rent of EUR 1.95 mln on a lease expiring in 2015.
Lionello Rosina of Savills Milan office comments: 'This transaction highlights the continuing level of demand in the Italian investment market and underlines the strengths of this particular area.'
The investment fund was unrepresented in this transaction.
