Italian property company Beni Stabili has completed the acquisition of the Fondo Immobili Pubblici No. 1 portfolio for a total of EUR 181 mln. The company first announced the deal at the beginning of May. The portfolio, which was put on the market last March, received about 40 bids from national and foreign investors.
Italian property company Beni Stabili has completed the acquisition of the Fondo Immobili Pubblici No. 1 portfolio for a total of EUR 181 mln. The company first announced the deal at the beginning of May. The portfolio, which was put on the market last March, received about 40 bids from national and foreign investors.
The portfolio comprises 20 properties with a gross surface of 97,700 m2. It is entirely let with long term leases to Agenzia del Demanio, Italy's state-owned property agency. The deal reflects an initial yield of 5.4%. About 70% of the portfolio is in north-east Italy, 16% is in Rome and the remaining 14% is in southern Italy.