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Aberdeen Press Release

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Cushman & Wakefield has assisted Aberdeen Asset Management Deutschland AG, advisor of Commerzbank AG in its role as depositary bank for the fund “Degi International”, in the sale of a property located in viale Giorgio Ribotta 11 Rome which was purchased by the “Nexus 1 fund” managed by Amundi Real Estate Italia SGR. CMS Adonnino Ascoli & Cavasola Scamoni acted as legal advisor for the vendor and BonelliErede provided legal advice to the buyer.

The property, with a total GLA of 20.500 sqm, develops over seven floors above ground (including ground floor) and two basement levels. The asset is let to four multinational prime tenants with long-term lease contracts, offering at the same time a value-add component, thanks to one vacant floor currently on the market for a future lease-up.

The Property in Viale Ribotta 11 is part of the Europarco Business Park, one of the most recent and significant large-scale urban development areas in Rome, where especially in consolidated areas the pipeline for new developments or refurbishment projects is limited. Eurparco has see over the past years the establishment of prime companies of the urban economy representing an importnant location within the “Greater EUR” area which continues to be the most in-demand submarket. In fact, take up in the Greater EUR during the past 12 months accounted for over 50% of the entire market.   

According to Carlo Vanini, Head of Cushman and Wakefield’s Capital Markets Group: “The quality of the asset, the good standing of its tenants, the consolidated business location as well as the structured and competitevie sales process, have attracted a great number of Italian and foreign investors confirming that Rome can offer products with a risk/return profile in line with the expectation and requirements of the market. This transaction confirms that the market in Italy’s Capital City is definitely in “recovery mode”, especially thanks to the presence of quality assets like Viale Ribotta 11”. Vanini further outlines that “despite the persisting gap in terms if investment volumes between Rome and Milan, investors are ready to invest in Rome if the real estate fundamentals are right. We are convinced that Rome’s real estate market provides a true opportunity for investors’ diversification strategies and this positive trend is supported by the transactions closed by Cushman & Wakefield over the last 12 months which account for a total volume in excess of € 400mln”.