BNP Paribas' Portfolio Immobiliare Crescita fund in liquidation said it has completed the sale of all its remaining properties for a total of EUR 63 mln. The disposal of the remaining four assets was reported by PropertyEU during the Expo Italia Real Estate (EIRE) property fair held at the beginning of June in Milan.
BNP Paribas' Portfolio Immobiliare Crescita fund in liquidation said it has completed the sale of all its remaining properties for a total of EUR 63 mln. The disposal of the remaining four assets was reported by PropertyEU during the Expo Italia Real Estate (EIRE) property fair held at the beginning of June in Milan.
BNP Paribas has sold an office building in Milan's Viale Jenner for EUR 28 mln to the DSPF I Italia fund, managed by Henderson Global Investors SGR. The price represents a 6% discount to the asset's latest appraised value at year-end.
BNP has also sold an office building near Milan and a retail gallery in Bari to listed company Edilizia Commerciale, part of the Edoardo Caltagirone Group, for EUR 17 mln. Finally, the fund manager sold a retail gallery in the Piazza Umbra shopping centre in Trevi to a fund of the Mediolanum group for EUR 18 mln.
The Crescita fund clinched its first sale in April this year with the disposal of an office building near Milan to the Mediolanum Real Estate fund for around EUR 23 mln. A month later it sold another five properties for an undisclosed amount.
BNP Paribas REIM announced at end-January that it had requested a three-year extension on the liquidation of the closed-ended fund. The group retained advisers AEW Italia, Jones Lang LaSalle and AtisReal to carry out the disposal programme.
