Cerberus set to buy Italian property portfolio for $286 mln-source
Feb 4 (Reuters) – U.S. investment firm Cerberus Capital Management is set to finalise a deal to buy a portfolio of Italian state-owned properties by the end of February, a source close to the matter said on Wednesday.
A successful sale will bring 250 million euros ($286 million) into the coffers of real estate investment fund Fondo Immobili Pubblici (FIP), the source said. Other foreign investors were also interested in buying the package of properties being sold to Cerberus, which includes barracks rented out to Italy’s tax police.
The deal is evidence of a revival in foreign investor interest in such real estate assets after years of failed attempts by the government to sell some of its properties.
Blackstone bought a 250 million-euro package of properties from the FIP in December.
As of end June 2014, FIP had a total of 238 properties with a market value of 2.7 billion euros, according to its website.
CBRE Group is FIP’s adviser for asset disposals while the fund is managed by Investire Immobiliare Sgr, the real estate unit of Rome-based lender Banca Finnat Euramerica . ($1 = 0.8754 euros) (Reporting by Massimo Gaia; Writing by Francesca Landini; Editing by Greg Mahlich)
For more information visit: