Italian real estate investment trust Beni Stabili SIIQ has announced the sale of a retail building located at Milan's Via Verri. The transaction price of EUR 31 mln is in line with the property's book and market value. In a statement, Beni Stabili said it has reimbursed the existing EUR 20 mln bank loan on the asset, which was bought in 2008 from Gruppo Zegna for EUR 28 mln. The property offers 1,000 m2 of fully let space.

The disposal is part of the ordinary asset rotation activity on the portfolio, Beni Stabili said.

Beni Stabili SIIQ manages some EUR 4.3 bn of real estate assets, mostly office properties located in Northern Italian cities. Its fund management unit, Beni Stabili Gestioni SGR, has a total of 11 real estate funds with EUR 1.6 bn of assets under management.