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Beni Stabili to sell to Luxottica Group offices for EUR 114.5 million

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Staff Writer | Wednesday June 28, 2017 3:49AM ET
Office   The price for the asset is above book value

Beni Stabili, a real estate company in Italy, has signed today a binding agreement to sell to Luxottica Group an asset of 11,705 sqm of offices located in Milan via San Nicolao for approx. €114.5 m.

The price for the asset is above book value and implies a net exit yield of 4.2% based on a residual lease maturity of approx. 4 years.

The building was acquired in 2002 in the context of a sale and lease back with a leading Italian bank.

It was then vacated in 2011 and completely refurbished to highest market standard by Beni Stabili and promptly let to Luxottica.

The disposal completes the asset management cycle for the property allowing to fully benefit of the positive momentum of Milan’s real estate market.

This transaction, alongside the recent acquisition of a Milan focused portfolio for €118 million and 6% yield (announced on June 6th), confirms the proactive asset rotation strategy of Beni Stabili through the disposal of mature or non-strategic assets and the reinvestment of the proceeds into new properties featured by prime locations in Milan and interesting yields as well as value creation perspectives.

The closing of the transaction is expected to take place by July 3 rd, 2017.


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