REInvest Asset Management has sold the Via Caviglia office building in Milan, Italy to a local investor for an institutional real estate fund, thus further optimising the fund’s portfolio. The purchase price was not disclosed. Built in 1984 and measuring around 13,000m², the property has been in the fund’s possession since 2016.
“Although we have currently parted with the fund’s mandate in Italy, we are nonetheless remaining committed to Southern Europe, though we are now shifting the main focus to the Iberian peninsula. Here, we intend to supplement the existing investments in Lisbon with further purchases in Madrid and Barcelona,” said Hans Stuckart, Member of the Executive Board of REInvest Asset Management.
The company has also unveiled plans to invest in Core risk class and assets in the Core+ category with an investment volume of over €25m in Madrid and Barcelona.
“We regard the markets in the two Spanish metropolises as auspicious. Both Spain’s property market and the nation’s economy as a whole have meanwhile left behind their less-than-easy years, and the demand for real estate is accelerating. Spain has thus again become an attractive investment market with good prospects for the future,” commented Stuckart.