UBS AM in advanced talks to buy Rome asset

UBS Asset Management is believed to be in advanced negotiations to acquire a major office building in the Italian capital, PropertyEU can reveal.

According to well-informed market sources, UBS is prepared to pay just over €90 mln for Palazzo Sturzo, also known as Eurcenter, a major office complex located in the Eur district of the city.

It was bought by Italian REIT Coima RES two years ago for around €80 mln.

Coima Res was not available for comment.

Also in Rome, Italian property services firm Prelios is said to have dropped the sale of the 15,000 m2 head office of publishing group L’Espresso after receiving offers below expectations while asset manager Investire Sgr is closing the disposal of two buildings, part of a six-asset office portfolio brought to market earlier this year in a process run by C&W.

The portfolio, known as Project News, provides a total of 42,000 m2 in the city centre offering a mix of core, core-plus and value-add opportunities.

Two of the more core properties part of the portfolio - a fully-let historical building, situated in the vicinity of the Quirinale, and another fully-let office scheme in the central via delle Quattro Fontane -  are understood to be under offer by US asset management giant Blackstone. The deal is expected to close before the end of the year.

Meanwhile, local lender BPM is said to be selling off-market a portfolio of five assets in the city including its head office at Piazzale Flaminio. 

This article first appeared in Europroperty, the weekly publication of PropertyEU


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