Italy's Beni Stabili sells Milan hotel for €101m

Italian REIT Beni Stabili has finalised the sale of the Boscolo hotel in Milan's Corso Matteotti 4 to an unnamed buyer for a price of €101.5 mln.

The closing follows the signing of a preliminary agreement in February 2015.

The deal price is slightly above the asset's book value of €98.5 mln per year-end 2014.

'The disposal is in line with Beni Stabili’s strategy to focus on offices and retail,' the Milan-based group said in a statement.