German real estate investor Commerz Real has completed the acquisition of the last of the three buildings in the Edison Park Center in Milan from French developer Nexity.
German real estate investor Commerz Real has completed the acquisition of the last of the three buildings in the Edison Park Center in Milan from French developer Nexity.
Although both sides agreed not to disclose the transaction volume, PropertyEU reported back in 2007 when the forward purchase was agreed that Commerz Real had agreed to pay EUR 125 mln. Nexity and Commerz Real have a close relationship, having done deals together before in Madrid, Brussels and Milan.
The last Edison Park asset transferred to Commerz Real's Hausinvest fund is a seven-storey office building comprising 12,000 m2 of leaseable area. The Edison complex, located in Milan’s Sesto San Giovanni district, is now fully owned by the Hausinvest fund.
Hans-Joachim Kühl, in charge of real estate management at Commerz Real, said Milan is the most important investment location for the company in Italy, which accounts for 6% of Hausinvest's total portfolio.
Commerz Real invests in property, aviation, renewal energy and shipping and has about EUR 40 bn in assets under management.
