The historic headquarters of bank Unicredit in Milan, also known as Palazzo Broggi, has received over 80 non-binding offers from a wide range of international investors, according to Rodolfo Petrosino, managing director at landlord IdeaFimit.
The historic headquarters of bank Unicredit in Milan, also known as Palazzo Broggi, has received over 80 non-binding offers from a wide range of international investors, according to Rodolfo Petrosino, managing director at landlord IdeaFimit.
PropertyEU reported in July that IdeaFimit had hired CBRE to market the scheme for a price of around €400 mln. The asset dates back to the early 1900s and provides around 50,000 m2 of office space.
It is fully let to Unicredit on a 12-year lease but only 30% of the space is actually used by the bank.
According to Petrosino, the core to core-plus complex has drawn offers from international investors including sovereign wealth funds as well as Asian, Middle East and US players.
'Competition for core assets is very high. This is expected to be the largest single-asset deal in Italy of the year,' he said, speaking at the Expo Real trade fair last week.
The landmark office complex is owned by IdeaFimit’s Fondo Omicron Plus, which bought it in 2009 as part of a larger acquisition of €800 mln of assets from lender Unicredit.
The sale is expected to complete before the end of the year.
