Prelios SGR completes the sale of an office building in Rome through the Fondo Immobiliare primo RE fund

Milan, February 05, 2024Prelios SGR, the Prelios Group asset manager, recently completed the sale of a building in Rome, in Via Arno 64. The transaction was conducted through the Fondo Immobiliare primo RE fund, which is held entirely by the CDC public accountants fund.

The property, located in the distinctive Quartiere Coppedè district, is a stand-alone building of notable architectural quality in the Art Nouveau style, enhanced with friezes and decorations. It occupies a surface area of approximately 3,500 sq.m over six above-ground storeys and has a small outdoor parking area.

This is the first sale completed by the Fondo Immobiliare primo Re fund and as such is an important result in the fund’s asset management strategy to consolidate its lease profile and gradually sell its properties as market opportunities arise, for reinvestment purposes. Previously, the building was leased to a primary Italian corporate tenant and was sold after the transfer to an international government entity.

Prelios SGR CEO Patrick Del Bigio commented: “We are very satisfied with this transaction, which is perfectly in line with the strategy for the enhancement of the Fondo Immobiliare primo Re portfolio through the sale of its assets at the right time and reinvestment in primary Italian real estate markets with the purchase of high-profile properties. Thanks to this investment strategy, the fund benefited from the stability of a long-term lease until its natural expiry and realized the investment by responding to a favorable opportunity on the market, which was particularly significant given the current contraction in deals on the corporate market.”

Fondo Immobiliare primo RE completed the sale with the support of Colliers Italia, who acted as advisor on the transaction. Legal and tax questions were handled by the Linklaters international law firm.