NYC investor buys Italian office portfolio
New York City–based York Capital Management and two Italy-based investor partners, IDeA FIMIT and Star Hotel, have purchased a six-property portfolio of Italian assets for approximately €738 million ($814 million). The seller is Gruppo Scarpellini.
The portfolio totals 959,740 square feet, and all of the office properties are located in Rome. The highest-priced office building is the Complesso Marini with a $462 million price tag. The other office buildings include 21 Via Delle Vergini, E&Y, Palazzo Bologna, Via Poli and Palazzo del Tar.
There has been a positive investment trend in the Italian office market, according to Cushman & Wakefield’s “Italy: Office Market Snapshot Fourth Quarter 2015.” The positive market trend, started in 2013, carried through to 2015, with total investment volume increasing furth