Cushman & Wakefield’s Italian Capital Markets Team has successfully advised Deka Immobilien GmbH in the sourcing and acquisition of Via Colombo 80, an outstanding office building located in a dynamic area of Rome’s Greater EUR submarket. The deal was sourced and completed on an off-market basis securing the deal at an early stage of the repositioning process.
The property, with a GLA of approximately 20.000 sq.m., has recently undergone an extensive refurbishment and today represents one of the highest quality offices in the city and one of the few buildings to hold a double green building certification: LEED and BREEAM. The refurbishment completely revolutionized the image and performance of the asset including a re-designed façade, a double-height entrance hall, a gym and state of the art office accommodation spread over 10 floors above ground.
Almost 90% of the GLA is leased to a mix of corporate tenants with exceptional covenant. Long-term leases were signed with PWC and Prelios, who both re-confirmed the location as their Roman headquarters after the refurbishment.
The outstanding quality of the building combined with the stable and long-term tenant commitments, make this transaction one of the most significant and sizable core investments to take place in Rome in 2020.
Carlo Vanini, Head of Capital Markets at Cushman & Wakefield Italy, said: “This deal continues to confirm how core assets in key markets are the focus of international investors. We are extremely proud to have reached the successful conclusion of this deal supporting Deka Immobilien in their first investment in Rome in a long time. The combination of asset quality and covenant of the tenant made this deal extremely attractive for a long-term core investors. It also shows that if the real estate fundamentals are in place, the market responds. ‘Quality drives the demand’ is the mantra behind this deal and supports our thesis for the future evolution of the real estate market in the Eternal City.”