Italy’s Ream Sgr has sold a portfolio of seven office buildings located across Italy to occupier and former owner, Italian multi utility firm Iren for a price of €97 mln.
The assets are located in the cities of Turin, Genoa, Parma and Reggio Emilia (pictured) and are fully occupied by Iren.
Ream has owned the properties since late 2012 when it bought them from Iren for a price of €92 mln. At the time Iren agreed to lease them back for an 18-year term.
‘The sale of the Group's historic properties had become necessary a few years ago and, with pleasure and pride, they become part of our real estate assets again. The repurchase operation of the historic Iren offices is set up with a view to optimizing the real estate portfolio which will allow, in the future, savings in rental rates,’ said CEO of Iren Massimiliano Bianco.