German Fund Acquires Milan Office Complex for $234M

GlobeSt.com - October 1, 2003

In one of the largest sales in Europe this year, the German open fund Deutsche Gesellschaft für Immobilienfonds (DEGI) has paid USD$234 million (200 million Euro) for Bodio Center, a 700,000-sf (65,000-sm) office development in the central Milan district of Bovisa.

The three-building, 384,000-sf first phase of the project, completed last year, is fully leased, with one building leased by the insurance and financial services firm Marsh McLennan, and the two others leased by Unicredito Italiano SpA, one of Italy's largest banks.

Bodio Center is one of first master-planned, urban business parks. The seller was the developer, Doughty Hanson & Co Real Estate of London. It acquired the Bodio Center property, a former Alcatel office and production facility, in December 2000 and proceeded to turn the site into a business center with underground parking for 700 cars.The second phase is under construction and slated for completion for January 2004. Sphere: Related Content