PORTFOLIO OF FIVE ITALIAN OFFICES OWNED BY ATLANTIC 1 FUND TO BE SOLD
Innovation Real Estate Advisory and CBRE Appointed
Innovation Real Estate Advisory and CBRE have been appointed to dispose of a portfolio of five office properties in Italy. The portfolio is owned by Atlantic 1 Fund, a real estate investment fund open to retail and qualified investors, listed on the MIV segment of the Italian Stock Exchange (trading QFATL1, ISIN code IT0004014707).
Atlantic 1 Fund is a closed ended contribution fund established on 22 September 2005 and managed by IDeA FIMIT SGR, whose Management Regulations were approved by Banca d’Italia on 7 February 2006. IRE Advisory, a long standing advisor to IDeA FIMIT, instructed CBRE Italian Capital Markets team to coordinate a global sales process.
The portfolio is located in the San Donato Milanese municipality about 10 kilometres southeast of Milan. The assets generate annual revenue of approximately €23 million and are fully let, with ENI, an Italian multinational oil and gas company, and Saipem, an international drilling contractor as the major tenants.
Considering the growing trend of the investment market supported by increased global liquidity, we believe that this operation, due to its characteristics, can raise the interest on the international capital market.
This sizeable portfolio should appeal strongly to global real estate investors, especially considering the quality of the assets and secure tenant profile. With the Italian commercial real estate market growing in popularity we can expect competitive bids from interested parties and, in the future, a number of similar or larger portfolios to come to the market to capitalise on improving conditions locally and regionally.