Covivio unit sells mixed-use portfolio in Italy for €111m

Central Sicaf, a company managed by French property group Covivio, has completed the sale of a portfolio of 17 mixed-use assets to AP Wireless Italia InfraRe, a subsidiary of Radius Global Infrastructure.

The package changed hands for €111 mln, which is roughly in line with the assets’ market value.

The disposal, which is part of Central Sicaf’s portfolio rationalisation strategy, involves 17 properties leased to a major telecoms operator and located in secondary cities across Italy. It follows the sale earlier this year of a €58m portfolio of similar assets to the same buyer.

Marco Bignami, CEO of Central SICAF, said: ‘The growing interest from multiple investors, especially infrastructure ones, for these technological properties confirms the strategic nature and resilience of an asset class that continues to offer stable returns even in the more complex market.’

BNP Paribas Real Estate Advisory Italy brokered the deal.  

With a portfolio of €1.4 bn, Central Sicaf is a subsidiary of Covivio created in early 2017 through the transfer of the group’s Telecom Italia portfolio. Covivio inherited the properties as part of its acquisition of Beni Stabili in Italy.
 
 

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