The Italian pension fund for Italian doctors and dentists (Enpam) has acquired 90% of the units in the Q3 closed-end property fund, managed by Galotti's fund management arm, Quorum Sgr.
The Italian pension fund for Italian doctors and dentists (Enpam) has acquired 90% of the units in the Q3 closed-end property fund, managed by Galotti's fund management arm, Quorum Sgr.
The Q3 Fund owns roughly EUR 115mln of assets including the Auros and Perseo logistics properties offering a combined 42,000 m2 of space in Milan. The two environmentally-sustainable assets are valued at EUR 98 mln and generates an annual rental income of EUR 6.3 mln. The 22,000-m2 Auros property is situated in the Lambrate industrial district of Milan while Perseo, which is rented to Il Sole 24 Ore Group, is located in the vicinity of the Nuova Fiera di Miano Rho-Pero area.
'The fund goes forward with its strategy to pursue diversification in its portfolio,' said Alberto Oliveti, deputy vice-president of Enpam. Earlier this month, Enpam also bought the historic Rinascente department store building on Milan's Piazza Duomo for EUR 472 mln.
The pension fund has also taken an option to buy the remaining 10% of the fund it does not already own. Q3, with a life term of 20 years, was launched in May 2010 and focuses on the acquisition of office and logistics properties in the Milan area.
Enpam was advised by law firm Resta. Law firm Molinari e Associati and Galante e Associati acted for Gruppo Galotti.
