Spazio Investment has announced the sale of 39 buildings in Veneto on behalf of its Italian closed-end real estate fund Spazio Industriale. The buildings are currently leased to Telecom Italia and will be sold to local investors for a total EUR 31.3 mln , representing a 3.4% premium to open market value. The company is also selling one building located in San Giovanni Valdarno, Florence, and leased to Telecom Italia as well as a vacant building (former Enel plant) located in Varese, northern Italy, to Valdadige Costruzioni for a total of EUR 6 mln. All disposals are due to be completed by the end of 2007.
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