Italian property company Sansedoni said it has acquired a portfolio worth around EUR 250-280 mln from a joint venture of Aedes and Cordea Savills. In a statement this week, Sansedoni said it has completed the purchase of five assets - Corti di Baires, Duse, Crocetta, Olona and Cubani - which are mostly for residential and office use and are all located in the municipality of Milan.
Italian property company Sansedoni said it has acquired a portfolio worth around EUR 250-280 mln from a joint venture of Aedes and Cordea Savills. In a statement this week, Sansedoni said it has completed the purchase of five assets - Corti di Baires, Duse, Crocetta, Olona and Cubani - which are mostly for residential and office use and are all located in the municipality of Milan.
The acquisition was carried out through a partnership of Sansedoni, Banca Italease and Banca Monte dei Paschi di Siena, with all investors having an equal share. Sansedoni will be responsible for asset management and marketing of the properties, which are planned to be upgraded and put back on the market within the next three years.
'The operation represents the first concrete example of collaboration between banks and property management companies with regards to distressed assets,' said Sergio Iasi, CEO of Sansedoni.
Founded in 1999, Sansedoni is a real estate investment company active in the Italian property market and currently controlled by Fondazione MPS (48%), Silvano Toti S.p.A. (28%), Banca Monte Paschi di Siena (16% ) and the Unieco Group (8%).
