167-Property Portfolio Fetches $200M

PADUA, ITALY-The locally based financial services group Banca Antoniana Popolare Veneta has sold a portfolio of 167 properties in Italy for euro 147.2 million ($200.1 million) to GE Commercial Finance Real Estate Italy.The portfolio includes banking, mixed-use and residential developments. The largest assets are in Rome, while a number of bank assets are all located in attractive, central locations in other medium-sized cities throughout Italy. The total transaction cost for GE was euro 176 million euro ($239.2 million). A GE representative could not be reached for comment. In a prepared statement, the managing director of GE Commercial Finance Real Estate Italy Fabio Carlozzo says the Italian property market “continues to be an attractive focus for us in terms of future investment opportunities.”