The real estate Italian fund Patrimonio Uno was set up in 2005 to purchase 75 government properties. “Since 2008 36 of the buildings have been sold by the fund to the tune of 200 000 000 euros” said Marco Luoni, Patrimonio, uno fund manager. "The fund closes in 2017 and the sale procedure is part of the business plan," said Paolo Bellacosa, CBRE's executive director of capital markets, who will launch the sale process despite dealing with what he calls "a difficult market that is in profound change."
The nine properties to be sold in the coming weeks are mostly occupied by government offices leased up until 2023 in major cities, and are expected to fetch 120 000 000 euros. The fund then plans to sell another batch of properties by the end of the year, Mr. Luoni said.
Jones Lang La Salle report that commercial real estate investment fell 50% in Italy in Q1, with transactions totaling 440 000 000 euros, some 240 000 000 euros was invested in office, with Rome and Milan attracting 50 000 000 and 90 000 000 respectively. However, across the other cities the majority of the investments were into buildings with government held leases said JLLS. This is a good sign for the Patrimonio Uno sale, as its buildings are located in the historic centres of Rome, Florence, Siena, Naples, Foggia, Mestre, Vicenza, Padua and Verona.
Source: http://www.ipinglobal.com/ipin-live/406439/italian-real-estate-fund-raises-asset-sale-into-high-gear