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Warburg-HIH sell two Italian properties

Posted: 23 February 2017

German fund manager Warburg-HIH Invest Real Estate has sold a Milan office to the Italian listed company Coima RES SIIQ and a shopping centre, named Nuovo Borgo in Asti, to Barings Real Estate Adviser.

The Italian real estate investment trust (REIT or SIIQ) paid €46 mln for the complex. The prime asset, in the north east of the Italian city, is made up of two buildings totaling 13,650 sqm. The asset is fully let to BNL-BNP Paribas and produces €3.5 mln in annual rental income.

The price paid for the shopping centre Nuovo Borgo is about €51.5 mln.