Paris-listed real estate firm Covivio sold to an undisclosed investor a multi-functional asset in Milan (Viale Ortles – Symbiosis area) through an off-market transaction and retained Dils as advisor (see here a previous post by BeBeez). ICS Milan signed a lease contract for the 12500 sqms building.
Pan European Logistics Joint Venture (Pelv), a firm that an US insurer created with a Middle-East sovereing fund that Barings is managing, acquired a 78000 sqms land from an undisclosed Italian company through a vehicle that Savills IM handles (see here a previous post by BeBeez). The site is in Vercelli area (Piedmont Region, North-West of Italy) and the investors have the authorization for building a grade A logistic warehouse with GLAs of 33000 sqms for which Barings aims to get a LEED Gold certification with a zero-carbon footprint. The development could complete at the end of 2024.
In 2023, the median value of auctioned real estate has bee on the region of 0.18 mllion euros (down 12% from 0.205 million in 2022), said a report of Cherry Brick, the real estate unit of Cherry Bank, the fintech that ceo Giovanni Bossi cofounded (see here a previous post by BeBeez). In 2023, there have been 0.150 million real estate auction in Italy (down 19% from 0.186 million in 2022) with the overall value of the minimum bid of 20.8 billion (down 29% from 29.4 billion in 2022).
