TH Real Estate, on behalf of Warburg-HIH Invest Real Estate, has sold two properties in Italy, an office building in Milan and a retail asset in Asti, Italy, Nuovo Borgo Shopping Centre. The office building was acquired by Coima RES, an Italian publicly listed property company specialised in investing and managing commercial properties in Italy, for c. €46m. Nuovo Borgo Shopping Centre was acquired by Barings Real Estate Advisers for c. €51.5m.
The Grade A office space is located in North East Milan and comprises two buildings totalling 13,650 m² (146,927 ft²). The asset is fully let to BNL – BNP Paribas and produces a rental income of €3.5m.
Located in Asti in the Piedmont region, Nuovo Borgo is well connected to Turin, Milan and Genoa. It features brands such as Mediaworld, Calzedonia, OVS and Pandora set of 16,976 m² (182,728 ft²).
“After completing the revaluation strategy, the letting of the property was ideally timed and the property performed well for our investors”, announced Andreas Schultz, Managing Director Transaction Management International, Warburg-HIH Invest Real Estate.
Mario Pello, Head of Investment, TH Real Estate, Italy, comments: “Following a program of strategic asset management of both properties, we were able to capitalise on the strong rental performance of the buildings to negotiate a favourable sale price for our client Warburg HIH Invest."
