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Office Portfolio Sells for $161M

MILAN-GE Real Estate Italy acquires 542,505 sf in four buildings from a real estate fund managed by Vegagest S.G.R. Spa.

By Brian K. Miller | Updated on December 20, 2006

MILAN-GE Real Estate Italy has acquired four office buildings in Italy for $160.7 million. The 542,505-sf portfolio was acquired from Europa Immobiliare N.1, a real estate fund managed by Vegagest S.G.R. Spa.

Three of the office buildings are located in Parco dei Medici, an office district in Rome. The other building is located in Garibaldi Repubblica, an office and residential district in Milan.

The three buildings in Rome are leased primarily to Wind and ENEL. The Milan property is leased primarily to Regione Lombardia. Marcelo Horcel, managing director of GE Real Estate Italy says the investment marks the company’s return to independent investing in the Rome and Milan office markets.

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