The real estate arm of Italian insurer Generali has sold a fully-let office building in Milan after carrying out an extensive redevelopment of the building.
The real estate arm of Italian insurer Generali has sold a fully-let office building in Milan after carrying out an extensive redevelopment of the building.
The asset, located at Viale Don Luigi Sturzo 35, was sold to the Antirion Core fund, managed by Antirion SGR. The transaction price amounts to 鈧�83 mln.
The 11-storey building was formerly home to the Generali Group and has been completely renovated in the past 18 months to bring it up to the highest environmental standards. It was recently let to an unnamed international financial group. The asset offers a gross surface of 16,400 m2.
Giancarlo Scotti, CEO di Generali Real Estate, said this value-added operation allowed the company to find both a primary international occupier and an institutional investor in the asset.
The transaction is one of the largest deals signed in Italy in the past 12 months. In total, just 鈧�224 mln of transactions were signed in Milan in the first nine months of 2012, one of the lowest volumes in the history of the market.
