Hines European Core Fund has sold a 10,097 sq m office property in Milan to BNP Paribas REIM, for an undisclosed price.
The building, Via Crespi, which has seven floors and parking for 170 vehicles, is located in the Maciachini Business District of Milan.
It was redeveloped in 2012 to meet the highest international sustainability and quality standards and obtained an HQE rating, as part of a larger renovation program for the area.
In its entirety the Maciachini Business Park comprises c130,000 sq m of office, retail and green space .
Via Crespi has been in HECF’s portfolio since 2014 and was the fund’s first investment in Italy. It is fully let on a long lease to one occupier, Richemont Italia which specialises in luxury goods.
“The sale of Via Crespi is a successful example of our active core strategy to create long-term value through asset management,” said Simone Pozzato, managing director and HECF fund manager.
“We successfully re-geared the existing lease in 2018 allowing us to secure a strong tenant for the long term. Following the impact of COVID-19, we are re-balancing our sector exposure and view this as the right time to crystallise a strong return for HECF’s investors. Proceeds have already been allocated to a new opportunity in the residential sector that we are looking to close during summer.”