BNP Paribas REIM's Portfolio Immobiliare Crescita fund in liquidation has approved the sale of five properties in northern Italy. The company is selling two office buildings in Miland and three commercial galleries in Civitanova Marche, Prato Calenzano and Trevi respectively.
BNP Paribas REIM's Portfolio Immobiliare Crescita fund in liquidation has approved the sale of five properties in northern Italy. The company is selling two office buildings in Miland and three commercial galleries in Civitanova Marche, Prato Calenzano and Trevi respectively.
In April, the fund clinched its first sale with the disposal of an office building near Milan to the Mediolanum Real Estate fund for around EUR 23 mln.
BNP Paribas's Italian unit BNL Fondi Immobiliare announced at the end of January that it had asked for a three-year extension on the liquidation of the closed-ended fund, which has to dispose EUR 260 mln of assets. The group is retaining advisers AEW Italia, Jones Lang LaSalle and AtisReal to carry out the disposal programme.
Launched in 2001, the property investment vehicle was initially due to close by the end of this year, but as a result of the credit crunch and the difficult market conditions, the company said it was unable to complete the disposal of the properties held by the fund on advantageous terms.
