HISTORIC BUILDING LA RINASCENTE DUOMO IN MILAN SOLD FOR 472 MILLION EUROS

Mar 24 2011

FOR RETAIL & ENTERTAINMENT FUND SIGNIFICANT CAPITAL GAIN ON BOOK VALUE (ABOUT 108.5€/MLN)

Prelios SGR announces that the Retail & Entertainment fund, managed by them, has today sold the historic building, fully leased to La Rinascente and situated in Piazza Duomo, Milan.

The property was sold for 472 million euros to Fondo Ippocrate – First Atlantic SGR SpA, generating a gross capital gain of approximately 108.5 million euros as compared with the book value on 31st December 2010.

Based on the sale price, the implicit gross yield is approximately 4.7%.

The property complex – leased to La Rinascente and home to the first and most important flagship store of the retail chain – consists of two inter-connected units making for a total surface area of 52,584 square metres and an authorised sales surface of 23,419 square metres.