Cushman & Wakefield has assisted Aberdeen Asset Management Deutschland AG – advisor of Commerzbank AG - in the sale of 20,500 m² of prime Rome offices.
The property at 11 Viale Ribotta forms part of the Europarco Business Park, one of the most recent and significant large-scale urban development projects in Rome. The offices over seven floors and a further two basement levels are let to four multinational prime tenants on long leases. One floor remains vacant and on the market for a new tenant.
Carlo Vanini, Head of Capital Markets for Cushman & Wakefield, Italy, said: “The quality of the asset, the good standing of its tenants, the consolidated business location as well as the structured and competitive sales process, have attracted a great number of Italian and foreign investors confirming that Rome can offer products with a risk/return profile in line with the expectation and requirements of the market. This transaction confirms that the market in Italy’s Capital City is definitely in ‘’recovery mode’. Despite the persisting gap in terms of investment volumes between Rome and Milan, investors are ready to invest in Rome if the real estate fundamentals are right. We are convinced that Rome’s real estate market provides a true opportunity for investors’ diversification strategies and this positive trend is supported by the transactions closed by Cushman & Wakefield over the last 12 months which account for a total volume in excess of €400m.”
CMS Adonnino Ascoli & Cavasola Scamoni acted as legal advisor to the vendor and BonelliErede provided legal advice to the buyer.
