There were four Italian office transactions worth over €800 mln in total in the last two weeks of December, and they included sales of government-entity and bank portfolios and a record yield of 2.8% achieved by Blackstone in Milan.

Post Building, Milan, sold at record yield

Post Building, Milan, Sold at Record Yield

This week's sheet rounds up 20 deals of circa €100 mln-plus that provided pricing in that period. Totalling over €4 bn, three-quarters are sales of offices in leading European cities.

The end of December also saw Austrian-Swiss investor Imfarr and SN, a vehicle of the HNW Ketterer family, close two large German office transactions including the highest-value German single office purchase of 2020, the Silver Tower, for €630 mln.

Real estate financing activity surged, predominantly though not exclusively driven by refinancings, with liquidity provided by debt funds and insurance groups as well as banks.

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