Polis Fund's Board has approved the acquisition of the Milanofiori shopping centre development. Although the price for the acquisition was not disclosed, Brioschi Finanziaria revealed the transaction reflects a yield of 6%. The mall was sold by Milanofiori 2000, a subsidiary of the Italian listed property group Brioschi Finanziaria.
Polis Fund's Board has approved the acquisition of the Milanofiori shopping centre development. Although the price for the acquisition was not disclosed, Brioschi Finanziaria revealed the transaction reflects a yield of 6%. The mall was sold by Milanofiori 2000, a subsidiary of the Italian listed property group Brioschi Finanziaria.
In a press release, Brioschi Finanziaria said the shopping mall is currently under construction and is located in Assago, near Milan. It provides a lettable area of 35,000 m2. Preliminary agreement on the acquisition will be signed before February 28, the company said.
Brioschi Finanziaria sold two office buildings to Polis Fund in November for EUR 91 mln. Brioschi is a property development company whose most advanced development is the Milanofiori mixed-use project. It provides a 218,000 m2 lettable area mainly for commercial use on a gross 360,000 m2 site. The project includes the development of a new high-speed rail station as well as the mall.
Polis Fund has been listed in the stock exchange in 2001. It is controlled by five different Italian Popular banks and has assets for EUR 312 mln.
