German investor Deka Immobilien has emerged as the buyer of Via Colombo 80, a prime office building located in Rome’s Greater EUR submarket. Although financial details were not disclosed, well-informed market sources say Deka paid around €120 mln for the asset, which was sold off-market by French investor Ardian Real Estate.
The property, with a 20,000 m2 of gross lettable area, has recently undergone an extensive refurbishment and today represents one of the highest quality offices in the city and one of the few buildings to hold a double green building certification: LEED and BREEAM. Almost 90% of the GLA is leased to a mix of corporate tenants including PWC and Prelios, who both re-confirmed the location as their Roman headquarters after the refurbishment.
The asset represented the first Italian investment made by Ardian Real Estate, which in 2017 entered the Italian market with the acquisition of six office assets including Via Colombo 80 for €300 mln.
C&W, which advised the buyer, said that ‘the outstanding quality of the building combined with the stable and long-term tenant commitments, make this transaction one of the most significant and sizable core investments to take place in Rome in 2020’.
‘This deal confirms that core assets in key markets are the focus of international investors,’ commented Carlo Vanini, head of capital markets at Cushman & Wakefield Italy. ‘We are extremely proud to have reached the successful conclusion of this deal supporting Deka Immobilien in their first investment in Rome in a long time. The combination of asset quality and covenant of the tenant made this deal extremely attractive for long-term core investors. It also shows that if the real estate fundamentals are in place, the market responds. ‘Quality drives the demand’ is the mantra behind this deal and supports our thesis for the future evolution of the real estate market in the Eternal City.’
Also today, Deka announced that it has acquired the Clarges mixed-use development in London’s Mayfair for £177 mln (€198 mln).
