Pirelli RE's management board said on Wednesday that it has decided to auction off five trophy assets owned by Berenice, the office fund it manages. The company added that the properties will go on the market for a starting price of at least EUR 300 mln.
Pirelli RE's management board said on Wednesday that it has decided to auction off five trophy assets owned by Berenice, the office fund it manages. The company added that the properties will go on the market for a starting price of at least EUR 300 mln.
The decision comes in the wake of interest manifested by several investors for the offices, which are all located in Rome. The move is in line with Pirelli RE's management strategy to add value to the portfolio, Pirelli said.
Last week, Merrill Lynch outbid the EUR 725 per quota offer made by Goldman Sachs for Berenice. Merrill Lynch offered EUR 760 per unit, or a total of EUR 433 mln, for 95% of the Italian office fund. Both investors said in their offers that they were particularly interested in the five Rome office properties.