Olinda Fondo Shops, a listed real estate investment fund managed by Pirelli RE, has bought a commercial real estate portfolio for EUR 60 mln. Pirelli REsaid on Thursday that the assets, valued by CB Richard Ellis at EUR 60.35 mln, have been bought from Erice, a company owned 60% by Deutsche Bank and 40% by Pirelli RE.
Olinda Fondo Shops, a listed real estate investment fund managed by Pirelli RE, has bought a commercial real estate portfolio for EUR 60 mln. Pirelli REsaid on Thursday that the assets, valued by CB Richard Ellis at EUR 60.35 mln, have been bought from Erice, a company owned 60% by Deutsche Bank and 40% by Pirelli RE.
The portfolio comprises six assets located in Northern Italy in the cities of Nichelino and Burolo, near Torino, Vado Ligure, Torino, Reggio Emilia and Novara. The properties are leased to retail giant Carrefour under its Docks Market brand with a 12-year lease. The total rental income comes to EUR 4 mln, reflecting a gross inintial yield of 6,6%.