Listed Australian investor Charter Hall has sold a Milan office complex for €118m.
The REIT, which acquired the Macquarie Group management platform, Macquarie Office Management, in March this year, sold the City Central asset to an Italian institutional investor at a gross 6.4% yield.
Macquarie paid €151.9m for the Grade A scheme in March 2007, which at the time reflected a gross yield of around 6%.
The 30,000 m2 complex includes the Macchi and Lepetit buildings. Tenants include the Italian ministry of employment.
Jones Lang LaSalle advised the seller.
