The portfolio consists of four office properties and a tourist village – the Santo Stefano Resort on the island of Santo Stefano in Sardinia.

The office properties are located in Milan (3) and Rome (1).

The package was bought on behalf of a new fund invested by Czech property group CPI.

Earlier this year, CPI the Italian arm of CPI Property Group also emerged as the buyer of a major office complex in Rome.
According to well-informed market sources, CPI bought part of the Telecom Campus within the Parco de’ Medici office park in Rome. The 42,000 m2 office building is believed to have been purchased for a bargain price after standing vacant for a long time.

Last year CPI, which is majority-owned by Czech billionaire real estate investor, Radovan Vitek, took over local real estate investment trust Nova RE. Nova RE owns a number of income-generating properties primarily in Rome, Milan, and Bari valued at €123.3 mln as of 30 June 2020. With debt of €62 mln, the company is one of only five Italian firms to obtain tax-efficient REIT status in Italy.

More recently, CPI also bought the Tor Di Valle stadium in Rome for an investment of some €50 mln and recently signed an investment partnership agreement with Italian asset manager Dea Capital, part of the Italian conglomerate DeAgostini.