Italian office property specialist Beni Stabili said on Friday it has signed a preliminary contract for the sale of an office building in the centre of Milan to a private investor. The agreed transaction value is EUR 73.5mln, well above the asset's book value of EUR 51mln. Beni Stabili expects to close the deal by the end of 2008.
Italian office property specialist Beni Stabili said on Friday it has signed a preliminary contract for the sale of an office building in the centre of Milan to a private investor. The agreed transaction value is EUR 73.5mln, well above the asset's book value of EUR 51mln. Beni Stabili expects to close the deal by the end of 2008.
The 10,400 m2 property is currently vacant but was fully let until March to bank Intesa San Paolo, reflecting a 4% yield.
French property group Fonciere des Regions owns a 70% stake in Beni Stabili.
