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Aedes SIIQ closes on purchase of 2 buildings in Milan

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Aedes SIIQ closes on purchase of 2 buildings in Milan

Aedes SIIQ S.p.A. completed the acquisition of two buildings with gross leasable area of over 15,000 square meters in Milan.

Torre C3 and Torre E5 will be entirely refurbished for roughly €35 million, which includes the purchase price and projected capital expenditure for the revamp.

In addition, the company signed a framework agreement, which includes a lease contract, with an unnamed NYSE-listed multinational communication group for one of the two towers. The nine-year lease comes with a renewal option for a further six years, with effect from the completion of the renovation.

Aedes also signed a medium-long-term extension with COIN for the Italian department store chain's lease at an Aedes asset covering about 8,000 square meters in Catania in Via Etnea.