Spazio Industriale, a subsidiary of the real estate investment company Spazio Investment, has acquired several real estate assets in northeast Italy for a total of EUR 32 mln. The company said it exercised its option to acquire an additional 71,000 m[sup]2[/sup] of build-on area in the Eastgate Park area designated for industrial and logistics use for about EUR 8 mln, lifting its ownership in the area to 1.6 mln m2, news agency AFX news has reported.
Spazio Industriale, a subsidiary of the real estate investment company Spazio Investment, has acquired several real estate assets in northeast Italy for a total of EUR 32 mln. The company said it exercised its option to acquire an additional 71,000 m2 of build-on area in the Eastgate Park area designated for industrial and logistics use for about EUR 8 mln, lifting its ownership in the area to 1.6 mln m2, news agency AFX news has reported.
Spazio Industriale announced it also bought two industrial real estate assets from ACC Group through a sale and lease back transaction in the cities of Belluno and Pordenone for about EUR 22 mln. It also said it acquired seven properties from Telecom Italia Group's unit Olivetti Multiservices for about EUR 2.7 mln.
In a press release, Telecom Italia said the sell-off completes a EUR 1 bn property disinvestment program, which was approved by the Board on December 21, 2005.
Spazio Investment is a Dutch holding company whose business is to participate in, manage and supervise real estate businesses and companies and invest in real estate funds. The AIM-listed company is indirectly owned by Pirelli RE (35%) and Cypress Grove International (65%). The Company is externally managed by Pirelli RE Netherlands, which is a wholly-owned subsidiary of Pirelli RE, the largest listed real estate company in Italy.
