Italy set for "major sell-off" of commercial property

Italy is set for a "major sell-off" of commercial property this year, which will bring a number of attractive properties on the market.

After 12 years in business, Patrimonio Uno, set up by BNP Paribas REIM, is selling off its real estate portfolio to prepare for closure in five years, reports the Wall Street Journal. It has sold 36 buildings in the last four years, but has more of its portfolio to clear, including assets in Rome, Verona, Florence and Naples.

Commercial property investment in Italy fell by 50 per cent in the first quarter of 2012, according to Jones Lang LaSalle, but Patrimonio Uno is optimistic about their portfolio's investment potential.


Source: http://italy.themovechannel.com/news/13b7b622-fb29/