Luxembourg-based asset and investment specialist REInvest Asset Management has sold an office building in Milan to a local investor on behalf of an institutional real estate fund.
Financial details were not disclosed.
Located in Via Cavaglia, the asset was constructed in 1984 and comprises some 13,000 m2 of space.
According to REInvest, the property was the fund's last remaining Italian asset. It had been in the fund’s possession since 2016.
'Although we have currently parted with the fund’s mandate in Italy, we are nonetheless remaining committed to Southern Europe, though we are now shifting the main focus to the Iberian peninsula,' said Hans Stuckart, member of the executive board of REInvest Asset Management. 'Here, we intend to supplement the existing investments in Lisbon with further purchases in Madrid and Barcelona.'
Stuckart added that the acquisitions planned in Madrid and Barcelona will focus on assets across both the Core risk class and assets in the Core+ category from an investment volume of €25 mln upwards.
REInvest was acting on behalf of an institutional German investor from the insurance sector, through a real estate special fund based in Luxembourg.
CMS advised REInvest on legal matters, while GVA Redilco advised on the brokerage side.