Green light given for the sale of a portfolio of eleven properties
BNP Paribas REIM SGR p.A., as manager of the “Patrimonio Uno" Fund, has granted a mandate to the property consultancy firm CBRE Italy for the disposal of a portfolio consisting of eleven properties to be used as offices. The office properties are located in Northern Italy (Lombardia, Veneto, Liguria and Friuli-Venezia Giulia), Central Italy (Tuscany) and Southern Italy (Sardinia and Campania) and are home to several government agencies, including “Agenzia delle Entrate” and “Polizia di Stato”.
Most of the portfolio - nine properties - is fully let to “Agenzia del Demanio” through a Master Lease Agreement with special guarantees, due for renewal on December 31, 2023. The portfolio generates a current annual revenue of approximately € 12 mln.
The “Patrimonio Uno” Fund is a real estate fund established in Italy in 2005 as part of the Ministry of Economy and Finance’s real estate privatization program.
We have seen an increased level of international investment in to Italian commercial real estate over the last twenty-four months, which has helped lead the recovery of the market. However, Italian real estate continues to evolve, and with the prospect of further changes to interest rates and the introduction of quantitative easing, we anticipate our market is likely to see a new wave of international investors, to whom such a portfolio would be very attractive.