The Italian arm of CEE investor CPI Property Group has emerged as the buyer of a major office complex in Rome, PropertyEU has learned.
According to well-informed market sources, CPI has bought part of the Telecom Campus within the Parco de’ Medici office park in Rome. The 42,000 m2 office building is believed to have been purchased for a bargain price after standing vacant for a long time.
The property was sold by Italian asset manager Kryalos Sgr's Delphine fund. IPI Roma Advisor brokered the deal.
Telecom Campus is a business park comprising four buildings to the south-west of the city. Last month, a local private developer also bought one of the other buildings encompassing 38,000 m2 from AXA IM Alts for an undisclosed amount.
The acquisition is the latest investment in Italy by CPI, which is majority-owned by Czech billionaire real estate investor, Radovan Vitek. Last year the investor took over local real estate investment trust Nova RE. Nova RE owns a number of income-generating properties primarily in Rome, Milan, and Bari valued at €123.3 mln as of 30 June 2020. With debt of €62 mln, the company is one of only five Italian firms to obtain tax-efficient REIT status in Italy.
More recently, CPI also bought the Tor Di Valle stadium in Rome for an investment of some €50 mln and recently signed an investment partnership agreement with Italian asset manager Dea Capital, part of the Italian conglomerate DeAgostini.
