Italian asset manager Dea Capital Real Estate said on Wednesday that the €41 mln sale of a major office building in Rome owned by its Atlantic 1 fund has fallen victim to the Covid-19 pandemic.
In a statement, Dea Capital said that the buyer, which was not disclosed but is understood to be French group Ardian Real Estate, refused to finalise the transaction ‘due to the changed socio-economic circumstances resulting from the Covid-19 emergency and the alleged contractual imbalance’.
The buyer signed a preliminary agreement on the asset in early 2020 and was due to complete on the deal by end-June but both parties had agreed to a postponement to end-September on coronavirus.
The property, located at Via Cristoforo Colombo 142, is owned by Dea Capital’s Fondo Atlantic 1. Built in the 1960s, the building provides 31,000 m2 of net leasable space over 11 storeys.
Dea Capital said that it ‘is currently evaluating all actions that the fund can carry out in order to protect its interests’.
