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Fund Buys Former Italian Post Office HQ

MILAN-Including the purchase price, the new ownership intends to invest a total of $129.1 million (euro 100 million) into the property, which will provide office and retail space.

By Brian K. Miller | Updated on January 16, 2007

(For more retail coverage, click GlobeSt.com/RETAIL.)

MILAN-An Italy-based real estate fund and TIAA-CREF have acquired the former headquarters of the Italian Post Office from EGI SpA, the real-estate arm of the Italian Post Office. The plan is to renovate the 376,740-sf structure for office and retail uses. While no acquisition price was released, the parties involved estimate the combined cost of the acquisition and renovation at $129.1 million (euro 100 million).

The fund, Monte dei Paschi Hines Real Estate Crescita, is managed by Monte Paschi Asset Management SGR and advised by Hines. The fund and TIAA-CREF formed a 50-50 joint venture to own, manage and finance the property. The name of the JV is Business Port S.r.L.

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