GE Real Estate Italy has acquired a portfolio of four offices from Europa Immobiliare N.1, a real estate fund managed by Vegagest S.G.R. Spa, for approximately €122 million.
The 50,400-m² portfolio comprises three office buildings located in Parco dei Medici, one of the most important office districts in Rome, which are let to Wind and ENEL and one Milan office property, situated in the growing office and residential district of Garibaldi Repubblica, which is let to the Regione Lombardia.
This is the third transaction for GE Real Estate Italy over the last two months, following its acquisition of the Primavera retail mall in Rome and the investment into the Petrarca Fund, bringing its portfolio to 600 million in terms of equity investments, representing over 1.1 billion in terms of assets.
Marcelo Horcel, Managing Director of GE Real Estate Italy, commented: "This transaction again demonstrates our commitment to the Italian market and marks our return to investing on our own in the Rome and Milan office markets. These two locations offer an excellent risk-return balance for the combination of prime tenants and quality locations. Rome's Parco dei Medici and the Milan's Garibaldi district are both expected to attract more and more demand for office space due to the existing surrounding new developments. We look forward to being able to continue to grow at this same rate in 2007 by broadening our market and product coverage whilst focusing on the office, retail and NPL markets, our core competencies in the Italian marketplace."
Source: Financial Dynamics