Australia's Macquarie Office invests 151.9 mln eur in Milan property |
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Tue, 13 Mar 2007 02:20
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SYDNEY (XFN-ASIA) - Macquarie Office Trust said it has bought the City Central office block in Milan, Italy, for 151.9 mln eur, its second acquisition in Europe.The listed Macquarie Bank trust's chief executive Adrian Taylor said the transaction represents a continuation of trust's strategy of diversifying investments into European growth markets.It follows the trust's first European acquisition in Berlin last December.Macquarie Office said the Milan property is an A-grade property comprising two adjacent and interconnected buildings which have recently been refurbished.It said it views Milan as one of Europe's largest office markets.While Milan's central business district is characterized by small heritage buildings with limited new space due to strict planning regulation and heritage architecture, the trust said the semi-center submarket, which has limited stock of modern, high quality accommodation, is a high demand market.Macquarie Office did not disclose the seller but said the vendor will provide a two year rental guarantee by underwriting a property level yield of about six pct.Before the transaction Macquarie Office had 5.6 bln aud of assets under management.(1 usd = 0.76 eur, 1.27 aud)bruce.hextall@xfn.com
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