GE Real Estate announced on Thursday that it had completed the acquisition of an office building in Rome from Fondo Polis for EUR 30 mln. The 8,000 m[sup]2[/sup] asset at Via del Serarico 121, was let to IFAD up to May 2008 but is currently vacant. According to the company statement, the building will be refurbished before being offered to the market in 2009.
GE Real Estate announced on Thursday that it had completed the acquisition of an office building in Rome from Fondo Polis for EUR 30 mln. The 8,000 m2 asset at Via del Serarico 121, was let to IFAD up to May 2008 but is currently vacant. According to the company statement, the building will be refurbished before being offered to the market in 2009.
'We are very excited by the redevelopment prospects of this asset, demonstrating our commitment to build a strong track record in active asset management,' commented Fabio Donato. He added that the company will look at more opportunities of this kind over the second half of the year both in Rome and Milan as well as other interesting Italian locations.
The company also announced that it had appointed Fabio Donato as managing director for Italy, to oversee all of the company's activities in Italy. Donato spent the previous eight years with AXA Reim Italia, where he covered a number of roles, most recently holding the title of chairman of AXA Reim Italia.
GE Real Estate Italy currently has more than EUR 900mln invested across the commercial property sector. In addition, it is one of the largest investors in non-performing loans in Italy, managing approximately EUR 5bn of such loans, which it acquired during 2006 and 2007, from institutions including Banco Antonveneta and Interbanca.
