Pirelli RE Opportunities-managed Patrimonio Uffici fund has sold a building in Milan, northern Italy, to an unnamed institutional investor for some €100 mln. The transaction volume represents an increase of 17% on the property's book value, Pirelli RE said in a statement on Tuesday.
Pirelli RE Opportunities-managed Patrimonio Uffici fund has sold a building in Milan, northern Italy, to an unnamed institutional investor for some €100 mln. The transaction volume represents an increase of 17% on the property's book value, Pirelli RE said in a statement on Tuesday.
The office building, located in the city centre, provides a total 9,800 m2 of office space and is let to a leading financial institution.
Pirelli RE said that the property was sold at a price that is 'in line with the open market value of the asset estimated by CB Richard Ellis'. The Italian real estate giant holds a 28% stake in the fund.
