The Italian arm of asset management firm BNP Paribas REIM has sold an office building located at Milan's Corso di Porta Romana 8/10 as part of the sales programme of the Comune di Milano I real estate fund.
The transaction was closed at a price in line with the asset's latest appraisal value of €37.4 mln.
The buyer is Dutch group Europe Hotels Private Collection, which is planning to transform the asset into a luxury five-star hotel. The complex provides around 11,000 m2 of space and previously housed the local police force as well as the election office of the municipality of Milan.
It was transferred to the Comune di Milano I fund in 2008.
'This acquisition represents an important strategic step for our group which believes that Milan has an enormous potential as a leisure and business destination,' commented Liran Wizman, founder of Europe Hotels Private Collection.
Europe Hotels Private Collection was advised by Patrimonia Real Estate Investment Advisers and law firm Pedersoli. DLA Piper acted for the vendor.
