Spazio Investment has announced the sale of 39 buildings in Veneto on behalf of its Italian closed-end real estate fund Spazio Industriale. The buildings are currently leased to Telecom Italia and will be sold to local investors for a total EUR 31.3 mln , representing a 3.4% premium to open market value. The company is also selling one building located in San Giovanni Valdarno, Florence, and leased to Telecom Italia as well as a vacant building (former Enel plant) located in Varese, northern Italy, to Valdadige Costruzioni for a total of EUR 6 mln. All disposals are due to be completed by the end of 2007.
Spazio Investment has announced the sale of 39 buildings in Veneto on behalf of its Italian closed-end real estate fund Spazio Industriale. The buildings are currently leased to Telecom Italia and will be sold to local investors for a total EUR 31.3 mln , representing a 3.4% premium to open market value. The company is also selling one building located in San Giovanni Valdarno, Florence, and leased to Telecom Italia as well as a vacant building (former Enel plant) located in Varese, northern Italy, to Valdadige Costruzioni for a total of EUR 6 mln. All disposals are due to be completed by the end of 2007.
Spazio has also signed an agreement with Enel Group to move its operations from the existing Genoa facility to a new industrial location in the city. The old complex has a total gross lettable area of about 14,000 m2. Spazio intends to convert 9,000 m2 to residential, commercial and office use and continue to rent the remaining 5,000 m2 to the other tenants. The new masterplan has yet to be approved by the municipality of Genoa and is under discussion. Under the agreement, Enel Group will move its activities to a new asset acquired by Spazio from Coopsette for EUR 4 mln.
Spazio Investment, through its wholly-owned Spazio Industriale fund managed by Pirelli RE, is active in the Italian industrial real estate market where it owns a portfolio of about 450 income-producing assets valued at EUR 765 mln. Spazio Investment has been listed on the AIM market of the London stock exchange since October 2006.
