Central Sicaf, a company managed by French property group Covivio, has sold or agreed to sell real estate assets worth approximately €82 mln during the first half of 2024.
According to the company, the divestments align with its strategy of reducing its real estate holdings linked to the target risk/return profile.
Five properties, currently leased to a major telecommunications operator, were sold for a total of €31 mln. Central Sicaf marketed these properties directly.
Two of these properties, located in Prato (3,900 m2) and Messina (7,300 m2), were sold to an infrastructure fund for €12.4 mln. The remaining three properties were purchased by private investors.
Central Sicaf also has binding agreements in place for the sale of five more properties, totaling approximately €51 mln. These sales are expected to be finalized by the end of the year. One of these properties, located in Rome, is currently undergoing urban development to enhance its market value.
Marco Bignami, CEO of Central Sicaf, commented: ‘After a complicated year, in which real estate transactions slowed down due to the increase in interest rates, these transactions allow Central SICAF to take another important step towards the implementation of the strategy of rationalizing its real estate portfolio. It also confirms how income-generating real estate investment is a useful means of protecting against inflation.’
Central Sicaf’s real estate portfolio is worth approximately €1 bn, with 71% of its value located in four major cities: Milan, Rome, Naples, and Turin.
