Invel sells Milan office building to Patrizia for €43m
Invel Real Estate, the investment firm focusing on real estate and distressed debt opportunities across Europe, has completed, through its fund managed by Castello, the sale of an office building at Via Bernina 12 in Milan, Italy, to a fund managed by Patrizia Fund Managers, the German real estate asset manager, for €43 million.
The building, which was purchased by Invel as part of a broader portfolio in December 2016, is fully let to the Municipality of Milan. It comprises 11,000 sq m (118,400 sq ft) of office space, along with 42 car parking spaces. It was fully refurbished in 2015 and achieved LEED Gold certification.
The property is located in the Farini district, an area to the north of Milan’s city centre close to a former railyard that is set to be transformed by a major redevelopment plan being brought forward by the City of Milan.
Invel’s Italy Country Head, Davide Madini, said: “We acquired this asset within a portfolio of sites that we are actively managing to deliver optimum returns. This building in particular offers an exceptional opportunity for an institutional investor thanks to the strong covenant of its tenant and the wider potential of the area as an exciting and emerging destination within Milan, a key European city that has seen strong growth in its office market.”
Dentons provided legal advice to Invel on the transaction.