Tecla Fondo Uffici, a Milan-listed office fund managed by Pirelli Real Estate, has completed the sale of three property assets for a total volume of EUR 71 mln to an unnamed buyers.
Tecla Fondo Uffici, a Milan-listed office fund managed by Pirelli Real Estate, has completed the sale of three property assets for a total volume of EUR 71 mln to an unnamed buyers.
Pirelli RE said that the transaction price was EUR 16 mln higher than the properties' book value and EUR 5 mln higher than the open-market value, which was determined by CB Richard Ellis.
The buildings are located in the Italian cities of Milan, Rome and Grosseto. The Milan asset, covering some 2,580 m2 of space, was sold to three private investors for EUR 16.5 mln. The property in Rome, which consists of 11,705 m2 of space, was sold for EUR 47.5 mln. The third building provides some 3,328 m2 of space.
The fund was advised by Pirelli RE Agency.
In December, Tecla sold a total of EUR 71 mln of assets. In the same month, real estate investment funds managed by Pirelli RE sold 37 properties for a total volume of EUR 427 mln.
