EIRE: Prelios, Colliers mandated to sell Milan asset

Comune di Milano I, the City of Milan's first real estate investment fund which is managed by BNP Paribas REIM, has mandated Colliers and Prelios to sell an office building at 10, Corso di Porta Romana in the centre of Milan.

The property, which will be sold through a public bidding, is expected to be marketed for a starting price of EUR 44 mln. The scheme offers some 9,000 m² of office accommodation and previously housed the electoral office of the municipality. Potential buyers are required to present the bids before the end of July.

The decision by the city to sell the fund's assets in separate transactions follows the collapse in late 2010 of negotiations with a consortium of Stam Europe and Area Property Partners regarding the sale of the entire portfolio. The closed-end fund has assets valued EUR 240 mln.