Covivio has signed a binding agreement with Aermont Capital for the disposal of the building in Milan. The transaction is expected to close in December.
The complex, with a gross area of 28,000 sqm, is located at Viale dell’Innovazione 3 in Milan, in the Bicocca area, and it is part of the “manage to core” portfolio.
With this transaction, Covivio continues to streamline its portfolio and reduce its letting challenge, the company said in a statement. ”This disposal was made at a value in line with the latest appraisal value.”
The Group also pursues its active asset rotation, selling non core or mature offices and reinvesting into new developments such as L’Oréal and Moncler headquarters in The Sign and Symbiosis districts of Milan, or Corso Italia and Wellio Duomo redevelopments in the CBD of the city.