Italian REIT Beni Stabili has inked a deal to sell an office property in Milan to sunglass manufacturer Gruppo Luxottica for €114.5 mln.
The 11,705 m2 property, located on via San Nicolao, was purchased in 2002 from an Italian bank in a sale-and-leaseback deal. The asset was vacated in 2011 and completely refurbished. Luxottica is the current tenant.
According to Beni Stabili, the deal volume exceeds the book value and represents a net yield of 4.2%, taking into account the residual lease term of around four years.
The deal follows the recent acquisition of a portfolio of assets in Milan worth €118 mln, with a net initial yield of 6%. Beni Stabili said that both transactions underlined the importance of the company's active approach to asset rotation, selling non-core properties or divesting properties at the final stages of the asset management cycle in order to make further investments.
The transaction is expected to close on 3 July.
