Broker Cushman & Wakefield is believed to have received a mandate to sell Torre Beta in San Donato Milanese, in Northern Italy, with an asking price of €30 mln.
Broker Cushman & Wakefield is believed to have received a mandate to sell Torre Beta in San Donato Milanese, in Northern Italy, with an asking price of €30 mln.
The office scheme provides 12,000 m2 of space and is let to the Italian oil and gas giant Eni.
Eni is also the major tenant of a five-property strong office portfolio that is being sold by Atlantic 1 also in San Donato Milanese, located about 10 kilometres southeast of Milan.
Atlantic 1, a listed closed-end real estate fund managed by Italian asset manager IdeaFimit, hired Innovation Real Estate Advisory and CBRE earlier in March to divest the buildings, which generate €23 mln of annual rents, according to a statement by the advisors.
International drilling contractor Saipem is also a tenant of the portfolio, which is estimated to have a value of some €300 mln.
Atlantic 1, which is currently in liquidation, has long been seeking to divest the assets. Last year, the fund turned down a €335 per fund unit offer from US private equity group Blackstone. The bid valued the entire fund at around €175 mln, representing a discount of roughly 35% to the fund’s net asset value per unit of €505, or €263 mln in total.
