Cordea Savills makes second acquisition for Italian Opportunities No.1 venture (LU/IT)

Cordea Savills has completed the acquisition of a 27 asset portfolio across 13 of Italy's 20 regions for 'Italian Opportunities No.1', a Luxembourg SOPARFI for institutional investors. The portfolio has been purchased from Beni Stabili for €105.6 million and comprises four buildings in Rome and Milan and a mixture of retail and offices located in provincial centers.

The total portfolio amounts to 25,763 m² The portfolio is diversified across Italy but with a concentration of assets in the following regions: Lombardia (47%), Lazio (26%) and Liguria (13%).

The latest portfolio purchase follows the seed asset purchase of a block of 61 apartments in Porto Rotondo, on Sardinia's exclusive Costa Smeralda on 25 July for €21.5 million from an Italian private investor. Two thirds of the apartments were sold within two months of the acquisition.

Cordea Savills' Head of Italy, Gerardo Solaro del Borgo, commented: "There is great potential for generating returns from this portfolio, which we intend to realise through a combination of regearing leases, breaking up and selling assets, redevelopment and repositioning of properties. This deal demonstrates our ability to acquire properties across Italy."

Source: Cordea Savills

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