Fondo Kona, a real estate close-ended alternative investment fund controlled by Europe’s BNP Paribas, has sold the Grand Hotel Puccini in Milan, Italy, to Singapore’s First Sponsor’s indirect wholly-owned subsidiary FS Milan Property.
The sales price was €9.3 million ($14.4 million).
Located at 33 Corso Buenos Aires in north-eastern Milan, the six-story vacant and unleased property was formerly a 65-room, four-star Grand Hotel Puccini.
It is currently the subject of an ongoing dispute between the seller and the building’s ex-tenant, who claims there is a preliminary sale and purchase agreement between itself and Fonda Kona, which the latter has allegedly failed to honor, reported The Edge Singapore article. The ex-tenant is seeking a court ruling by year-end 2019.
