Bastogi Sells Milan Development

Bastogi, advised by Savills, has sold ownership of an office and laboratory property at 71, 73 and 75 Via Bisceglie to an Italian investment fund for €35.5 million (£24.7 million), reflecting a gross initial yield of 5.5%.

The 128,000 sq ft (11,965 sq m) scheme consists of two separate buildings with car parking facilities. It is currently let to Vodafone at an annual rent of €1.95 million (£1.35 million) on a lease expiring in 2015.

Lionello Rosina of Savills Milan office comments: “This transaction highlights the continuing level of demand in the Italian investment market and underlines the strengths of this particular area.”

The investment fund was unrepresented in this transaction.

source : Savills