Italian REIT Beni Stabili has agreed to sell an office property in the city of L'Aquila to INAL (Italian institute for work-related injury insurance) for about EUR 20 mln. The corso Federico II will be transferred to INAL after it undergoes work to upgrade it from class n.3 to class n.4 on the earthquake-proof scale.
Italian REIT Beni Stabili has agreed to sell an office property in the city of L'Aquila to INAL (Italian institute for work-related injury insurance) for about EUR 20 mln. The corso Federico II will be transferred to INAL after it undergoes work to upgrade it from class n.3 to class n.4 on the earthquake-proof scale.
The 6,000 m2 property will then be used to host the city prefecture.
The investment volume is made up of the book value at end-June 2012 and the costs of the upgrading.
L'Aquila, the capital of the Abruzzo region of Italy, suffered serious damage during a major earthquake in 2009.
