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Beni Stabili closes €221M sale of Italian property portfolio

Italian real estate investment trust Beni Stabili SpA SIIQ finalized the €220.5 million sale of a nonstrategic property portfolio in Italy, marking a net exit yield of roughly 4%.

The portfolio includes the Excelsior high-street retail building iat Galleria del Corso in Milan, for which the REIT signed a new lease with Hexagon for about 5,000 square meters of space. Excelsior is expected to be completely refurbished after its current tenant COIN Excelsior moves out in 2019.

Hexagon, part of development company Percassi Group, plans to deliver the largest Victoria's Secret flagship store in Italy at the property, according to a release.

The portfolio also includes two office assets in Turin that collectively span more than 44,000 square meters of gross leasable area and are almost fully leased to multiple tenants.

Beni Stabili, which is in the process of merging with French REIT Covivio, said it will use proceeds from the sale to invest in new properties or development projects at prime locations in Milan.