Commerz Real has just completed the economic transfer for the third and final property of those that make up Edison Park Center. The entire complex, which consists of three buildings and is located in Milan's Sesto San Giovanni district, is now fully added to the hausInvest portfolio.
The deed for the project developments was signed in 2007, it was agreed not to disclose the transaction volume. The property complex was sold by Nexity, a company with which Commerz Real already closed successful transactions in Madrid, Brussels, and Milan.
"The portfolio of the hausInvest fund currently includes about 6% in Italian real estate investments," said Hans-Joachim Kühl, Member of the Board of Commerz Real and in charge of real estate management.
"The business metropolis of Milan, where we own several assets, represents our most important investment location in Italy."
The seven-story office building just added to the portfolio is located next to the other properties of Edison Park Center. The building features a gross lettable area of around 12,000 m². Another hausInvest property located in the vicinity houses the administrative seat of the ABB electric engineering group in Italy. The entire quarter is characterized by a stable tenant situation and great access to public transportation.
Source: Commerz Real