The Italian fund management unit of Deutsche Bank's RREEF has sold an office building at Via Meravigli 7 in Milan to the Milan chamber of commerce.
The Italian fund management unit of Deutsche Bank's RREEF has sold an office building at Via Meravigli 7 in Milan to the Milan chamber of commerce.
The transaction price of EUR 75 mln is substantially lower (25%) than the price RREEF paid in January 2008 for the property, which at the time was fully leased. RREEF had bought the asset from Pirelli Real Estate's Patrimonio Uffici fund for around EUR 100 mln on behalf of its Rutenio investment vehicle.
Located in the centre of Milan's financial district, the historic office building offers around 12,500 m2 of office and retail accomodation across seven floors and is completely vacant.
C&W's Capital Markets team advised the seller.
