PropertyEU - November 23, 2009
Italian property company Beni Stabili said it has signed an agreement to acquire the D tower of the Procaccini business park located in Via Messina, Milan, for a total of nearly EUR 23 mln, including transaction costs of EUR 3 mln. The transaction reflects a gross yield of around 7%.
The office scheme, offering 7,100 m2 of gross leasable space, was acquired by the Milan-listed property company through a sale-and-leaseback agreement with BTicino. The seller will occupy the scheme under a seven-year lease agreement, with an option for a further six years.
The transaction includes around 50% of equity and a mortgage loan of approximately EUR 15 mln provided by Germany's Dekabank. Beni Stabili already owns another of the four towers in the business park.
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