Three international investor groups have passed to the final round of bidding and are vying for Unicredit's 鈧�350 mln-plus headquarters in Milan, PropertyEU has learned.
Three international investor groups have passed to the final round of bidding and are vying for Unicredit's 鈧�350 mln-plus headquarters in Milan, PropertyEU has learned.
A consortium of asset manager Hines Italia Sgr and sovereign wealth funds ADIA from Abu Dhabi and GIC from Singapore, US private equity fund Blackstone and a joint venture of Italy's Prelios and UK investor London & Regional Properties have been picked for the final bidding and are due to file a binding offer in the next few days, according to well-informed market sources.
Other players which have showed interest but have not made it to the final round include Rome-based asset manager Sorgente and US giant JP Morgan Asset Management.
The complex for sale, known as Palazzo Broggi, dates back to the early 1900s and provides around 50,000 m2 of office space in central Milan.The asset is fully let to Unicredit on a 12-year lease but only 30% of the space is actually used by the bank.
Asset manager IdeaFimit hired CBRE in July to market the scheme for a price of over 鈧�350 mln.
The landmark office complex is owned by IdeaFimit鈥檚 Fondo Omicron Plus, which bought it in 2009 as part of a larger acquisition of 鈧�800 mln of assets from lender Unicredit.
