Italian property developer Aedes Immobiliare said that it has sold the Wilton 18 company, the owner of an office building located at 18 Wilton Crescent in London, to Grosvenor Street Trust Company. The transaction price amounted to £17.3 mln (EUR 20 mln) and is in line with the property's market value property, the company said.
Italian property developer Aedes Immobiliare said that it has sold the Wilton 18 company, the owner of an office building located at 18 Wilton Crescent in London, to Grosvenor Street Trust Company. The transaction price amounted to £17.3 mln (EUR 20 mln) and is in line with the property's market value property, the company said.
The disposal generated a positive cash flow of around EUR 6.3 mln for Aedes and will allow the company a reimbursement of nearly EUR 9 mln in Italian value-added taxes.
The disposal of Wilton Crescent is part of the company's long-term strategy to divest non-strategic assets and to reduce its exposure to foreign markets in efforts to focus on the Italian property sector, Aedes Immobiliare said.
At the end of last year Aedes, in a joint venture with Cordea Savills, also sold an Italian non-strategic portfolio worth around EUR 250-280 mln to a partnership of Sansedoni, Banca Italease and Banca Monte dei Paschi di Siena. The portfolio includes the Corti di Baires, Duse, Crocetta, Olona and Cubani assets, which are mostly for residential and office use and are all located in the municipality of Milan.
