Italian construction and civil engineering company Impresa Pizzarotti & C has sold a closed residential complex in Italy to UK-based investor, developer and fund manager Equitix Investment Management.
Built-to suit between 2001 and 2005, the 400,000+ m2 Marinai Housing Complex in Belpasso, province of Catania, is exclusively used by the U.S. Navy.
It consists of 526 detached two-storey houses, spread over a total area of 86,996 m2 that includes services and amenities such as a community center, technical facility services, several sports fields and green areas.
Pizzarotti will continue managing the asset that will undergo some redevelopment to improve the overall efficiency.
Andrea Mancini, head of Living Investment Properties CBRE Italy: ‘Multifamily is starting to record the first core deals and the market is undergoing great expansion not only in Milan. This transaction is a demonstration that Built-to-rent represents an asset class that arouses great interest among institutional investors even in secondary locations. Of paramount importance for the development of this product is the operational part, in which property and community management will play active and extremely important roles.’
The housing complex is located 1.5 km from the Sigonella Naval Air Station (NAS2) military base.
CBRE assisted Impresa Pizzarotti & C in the sale.
