Poste Vita pays €280m in Italy's largest single-asset deal of 2019

Italian insurer Poste Vita has emerged as the buyer of the Galleria Passerella mixed-use building in Milan's CBD for over €280 mln, marking Italy's largest single-asset deal of 2019.

The acquisition was made by Italian asset manager DeA Capital Real Estate SGR on behalf of a closed-end fund invested by Poste Vita, according to well-informed market sources.

The vendor, Goldman Sachs, was advised by CBRE and GVA Redilco Advisor on the sale.

Galleria Passerella provides 21,000 m2 across three units near Piazza San Babica. The office and retail complex currently boasts a LEED Gold and WELL certificate after being completely renovated in 2019. It is multi-let to 11 tenants.

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