Investire mandates C&W to sell Project News portfolio in Rome

Italian asset manager Investire Sgr has appointed broker Cushman & Wakefield to market a six-asset office portfolio in Rome.

Known as Project News, the portfolio provides a total of 42,000 m2 in the city centre and includes a fully-let historical building, situated in the vicinity of the Quirinale, as well as two further fully leased assets; two partially let properties and a 15,000 m2 vacant office building to be redeveloped to residential accommodation.

C&W is marketing the assets to national and international investors both as a single portfolio as well as individually, given the varied risk profile (core and value-add). Non-binding offers are due in a month with binding bids planned for July.

Carlo Vanini, head of capital markets Italy and of the Rome office at Cushman & Wakefield, said that he expects the portfolio will receive strong interest.

'Project News represents a remarkable investment opportunity for acquiring properties located in central and semi-central areas of Rome, with a secure income while allowing for a future increase of value. Investor appetite for the Rome market is strong and opportunities of this kind are rare, if not unique. For this reason, we believe that the Project News has the potential to attract a large number of investors, both domestic and international,' Vanini commented.

He indicated there is now positive momentum in Rome's office market, with prime office values constantly on the rise and prime yields at a low level of 3.75-4%.'Core products in particular are on investors' buying list and returns in the capital city are now very similar to Milan's.'


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