Italian REIT Beni Stabili has completed the disposal of two assets in Paris for EUR 20 mln. The sale price slightly exceeded both the market and book value of the assets which amounted to just over EUR 19 mln.
Italian REIT Beni Stabili has completed the disposal of two assets in Paris for EUR 20 mln. The sale price slightly exceeded both the market and book value of the assets which amounted to just over EUR 19 mln.
The buyer was Française Real Estate Managers. The office-focused group signed a preliminary agreement on the sale in September.
The properties, located at Rue de Grenelle and Rue Saint-Honoré, provide a total of 1,272 m2 of space. They were part of the Prada portfolio and do not have any allocated loan.
The deal brings Beni Stabili's total disposal volume in 2011 to over EUR 96 mln, reflecting a capital gain of around EUR 2.2 mln and an exit yield of 4%.
'After the summer the market slowed down but we are maintaining our focus on our operating activities in order to strengthen our results and to constantly support the value of our portfolio,' said CEO Aldo Mazzocco.
Beni Stabili is the Italian real estate investment arm of French REIT Foncière des Régions.
