DEGI, part of Aberdeen Property Investors, has taken possession of the building occupied by the Italian headquarters of Procter & Gamble, following completion of the construction work.
The preliminary contract for the office project located in Rome was signed in July 2007. Following completion of the construction work and acceptance by Procter & Gamble, the building has now been successfully incorporated into the portfolio of DEGI INTERNATIONAL, a Germany domiciled open-end property fund.
The total investment volume came to approximately €110 million. The office park has a rental space of approximately 20,000 m² and is located in the E.U.R. office submarket in the southern part of the Italian capital.
High-quality, modern office space is a scarce commodity in the E.U.R., Rome`s important office sub-market. In contrast to the Central Business District in the historic centre of Rome, the E.U.R. submarket is particularly appreciated by large tenants, since here they enjoy not only convenient links to the road and metro networks, and to Fiumicino and Ciampino airports, but also large floor areas and modern equipped premises. Rome`s economic structure is strongly influenced by the service sector and particularly by public institutions, which means the office market in Italy`s capital is less susceptible to cyclical fluctuations.
In all, through its branch office in Milan, DEGI in Italy manages property assets of approximately €860 million for its various property funds.