Italian fund manager EstCapital Sgr has announced two real estate transactions in Rome and Verona. The company said it bought a development site in Castel Romano near Rome from the Geo Ponente fund for EUR 20 mln. The company will develop a 24,500 m[sup]2[/sup] commercial and logistics property on the site as well as a 41,000 m[sup]2[/sup] parking lot adjacent to the Castel Romano outlet centre.
Italian fund manager EstCapital Sgr has announced two real estate transactions in Rome and Verona. The company said it bought a development site in Castel Romano near Rome from the Geo Ponente fund for EUR 20 mln. The company will develop a 24,500 m2 commercial and logistics property on the site as well as a 41,000 m2 parking lot adjacent to the Castel Romano outlet centre.
The investment for the development of the project is estimated at EUR 28 mln. The company expects the property to have a value of EUR 72 mln after completion, while generating a rental income of EUR 4.5 mln. EstCapital said that the cap rate (annual return on the investment before mortgage payments and income taxes) will come to 6.25%.
Additionally, EstCapital's fund RealEst I sold a property in Verona to an unnamed buyer. The 17th Century building is located in the city centre and consists of five floors. It was completely refurbished in 1989.
