Italian real-estate fund to sell assets | 31 May 2012
Italy looks set to be a key player when it comes to commercial property sales this year as a closed-ended investment fund is attempting to offload its portfolio.
A real-estate investment fund named Patrimonio Uno, which bought 75 assets from the Italian government in 2005, is continuing to sell off the assets at a rapid pace.
It has sold 36 buildings since 2008, all as part of a planned disposal ahead of the fund’s liquidation in 2017, ipe.com confirmed. The next nine buildings from the portfolio are due to on sale in the future, too; most of which are occupied by government offices in some of Italy’s most important cities.
Marco Luoni, who is acting as a fund manager throughout the project, believes that despite dealing with a “difficult market that is in profound change”, the sales will be a success.
He stated, cited by wsj.com: “The fund closes in 2017 and the sale procedure is part of the business plan. We hope the combination of the long-term leases and public tenants will give us a good result in the sale.”
Furthermore, even more assets from the Patrimonio Uno fund will be on sale before the year end, claims Luoni. However, he warned that too much too fast could be a mistake.
“We must take our time to find a buyer in the difficult Italian real-estate market…It might take a long time to find a private Italian buyer,” he added.
Written by Ashley Curtis on behalf of Qube Global Software
While posted by Qube Global Software all views expressed are not necessarily those of the company. All facts are verified where possible directly by the author.
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