Italian asset manager Merope has emerged as the buyer of an office building in Milan's Corso Venezia 56 in a competitive bidding process run by Mediobanca.
Landlord Banca Ifis is selling the asset for a price of €50.5 mln. The office building, currently occupied by Banca Ifis, includes seven floors above ground and a basement for a total gross area of approximately 5,000 m2 plus a garden of over 1,000 m2.
The deal is expected to close in the first half of 2020.
Merope Asset Management, whose investment team is led by Lorenzo Niccolini, will fully refurbish the asset, which is due to be vacanted by March 2021.