Rome-based asset manager Prelios has appointed Cushman & Wakefield as the exclusive adviser to market all the remaining assets of Tecla, an Italian real estate fund that expires at end-2017.
The portfolio comprises eight assets, mainly offices, and located in the main Italian cities such as Rome, Milan, Turin and Naples. The portfolio comprises a total of 142,000 m2 of leasable space with a stablised rent of €13 mln per annum. There are about 33 tenants and the weighed average unexpired lease term (WAULT) is 4.4 years. The occupancy level is 77%.
Cushman & Wakefield's Italian capital markets team will manage the sale procedure through a competitive process, arranging the deadline to receive the letters of interest and the binding offers. The sale procedure will also have international exposure through the EMEA capital markets team based in London.
Prelios has been disposing of the fund's assets for some time. The fund entered 2016 with a 'residual portfolio' of 13 properties, totalling 170,000 m2 and with a market value of €262 mln.
