Polis Fondi sells two Milan assets at 22% discount

Italian asset manager Polis Fondi SGR has sold two assets in the Milan area to an unnamed institutional investor for €33.2 mln.

Polis Fondi, which first announced the sale in March, said that the sales price is 22% below the assets' latest appraisal value per year-end 2017.

The properties are a 14,000 m2 nine-storey office building at via Romagnoli 6, Milan, bought in 2004 for €19 mln, and another 9,000 m2 office scheme at via Grandi 8, Cernusco sul Naviglio, bought in 2004 for nearly €20 mln.

The sales are part of the Polis closed-end fund's liquidation programme, which is due to complete by year-end 2018.

The Polis fund owned roughly €140 mln of commercial property assets at the end of last year.


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