TH Real Estate sells two properties in Italy on behalf of Warburg-HIH
TH Real Estate, on behalf of Warburg-HIH Invest Real Estate GmbH, has sold two properties in Italy: an office building in Milan and a retail asset, the Nuovo Borgo Shopping Centre, in Asti, Italy.
The office building was acquired by Coima RES S.p.A SIIQ (“COIMA RES”), an Italian publicly listed property company specialised in investing and managing commercial properties in Italy, for c.€46m.
The Grade A office space is located in North East Milan and comprises two buildings totalling 13,650 sq m (146,927 sq ft). The asset is fully let to BNL – BNP Paribas and produces a rental income of €3.5m.
The Nuovo Borgo Shopping Centre was acquired by Barings Real Estate Advisers for c.€51.5m. 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 over 16,976 sq m (182,728 sq ft).
“After completing the asset management 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 at Warburg-HIH Invest.
Mario Pello, Head of Investment, TH Real Estate, Italy, comments: “Following a strategic asset management programme on 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.”
Source: TH Real Estate