Deka Immobilien GmbH has sold the Viale Regina Giobanna 27 - 29 office building in Milan to Inarcassa RE, an Italian real estate fund, reserved to institutional investors, managed by Fabrica Immobiliare SGR S.p.A. for 45.5 million.
The property has around 16,000 m² of lettable floor space.
The property has around 16,000 m² of lettable floor space and is located near the center of the Italian financial metropolis which is home to the country's largest office market.
Deka Immobilien had purchased the property, which was originally built in 1953 and has been remodeled several times, in 2004 for one of the special property funds it manages.
The DekaBank Group is the largest provider of open-ended property funds in Germany. The two capital investment companies, Deka Immobilien Investment GmbH and WestInvest Gesellschaft für Investmentfonds mbH, together manage fund assets of over 23 billion (as at 30 December 2011).