AIM-listed Spazio Investment, managed by Italy's Pirelli Real Estate, has acquired two industrial properties from engine maker ACC Group for a combined value of EUR 22 mln in a sale-and-leaseback agreement. The properties are located in Pordenone and Belluno, northern Italy, and provide a gross lettable area of 79,000 m[sup]2[/sup]. They will be occupied by ACC with a 12-year leasing contract, Spazio said in a press release.
AIM-listed Spazio Investment, managed by Italy's Pirelli Real Estate, has acquired two industrial properties from engine maker ACC Group for a combined value of EUR 22 mln in a sale-and-leaseback agreement. The properties are located in Pordenone and Belluno, northern Italy, and provide a gross lettable area of 79,000 m2. They will be occupied by ACC with a 12-year leasing contract, Spazio said in a press release.
Spazio, through its closed-end property fund Spazio Industriale, has acquired a build-on space of circa 71,000 m2 for the completion of the Eastgate Park. Construction at the site began in January. Located on a 1.6 million m2 site and with a build-on space of 450,000 m2, this park will be the largest area for logistics and industrial use in north-eastern Italy. Completion is scheduled for 2011.
