The Luxembourg-based asset and investment specialist REInvest Asset Management S.A. has sold the VIA CAVIGLIA office building in the eponymous street of Milan to a local investor for an institutional real estate fund, thus further optimising the fund’s portfolio. It has been agreed to keep the sale volume confidential.
The office building, built in 1984 and measuring around 13,000 square metres, has been in the fund’s possession since 2016. REInvest has with this transaction sold the last property of the fund’s mandate in Italy. The fund is acting for an institutional German investor from the insurance sector in the form of a real estate special fund in Luxembourg.
“Although we have currently parted with the fund’s mandate in Italy, we are nonetheless remaining committed to Southern Europe, though we are now shifting the main focus to the Iberian peninsula. Here, we intend to supplement the existing investments in Lisbon with further purchases in Madrid and Barcelona,” explains Hans Stuckart, Member of the Executive Board of REInvest Asset Management.
The acquisitions planned in Madrid and Barcelona will focus on both assets of the Core risk class and assets in the Core+ category from an investment volume of 25 million euros upwards.
“We regard the markets in the two Spanish metropolises as auspicious. Both Spain’s property market and the nation’s economy as a whole have meanwhile left behind their less-than-easy years, and the demand for real estate is accelerating. Spain has thus again become an attractive investment market with good prospects for the future,” adds Stuckart.
For the sale of VIA CAVIGLIA, REInvest was supported in legal matters by CMS and on the real estate agent side by GVA Redilco.
The corporate capabilities of REInvest Asset Management extend from strategic consultancy on the property and fund levels, plus transaction and financing consultancy, right through to the structuring of regulated and non-regulated investment vehicles. The firm is currently managing properties of highly disparate utilisation categories in twelve different European countries, worth over 1.3 billion euros.
Source : Company