European real estate investment trust Covivio agreed to dispose of six office buildings and three shopping malls in Italy for a total of €161.5 million in the final quarter of 2019.
The six buildings, totaling approximately 602,779 square feet, comprise five mature office buildings in Milan semi-center and one office asset in Rozzano. The portfolio signed for €108.5 million with a 3.3% net yield.
The three shopping malls, totaling approximately 726,564 square feet, are in secondary locations in Vigevano, Montenero di Bisaccia and Nerviano, and have a limited lease maturity of 4.4 years. The sale was agreed at €53 million.
The asset rotation is part of Covivio's objective to exit non-strategic assets and focus on Milan.