Olinda Fondo Shops, a closed-end real estate investment vehicle managed by Pirelli Real Estate, said it has sold an office property in Milan to an Italian private investor for nearly EUR 65 mln. The buyer was not disclosed.
Pirelli RE said that the transaction price is in line with the market value of the asset and over 20% higher than its book value. The building, located at Milan's Corso Europa, consists of 9,000 m2 of office space currently generating an income of EUR 3.4 mln per annum. The deal reflects a yield of 5.28%.
Olinda is a listed commercial property investment vehicle which was set up in 2004. The fund, with a life of seven years, owns a portfolio of over 40 commercial properties worth nearly EUR 750 mln.
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