Eurohypo has taken over the disposal process of between €150m and €200m of insolvent Italian properties. It is seeking a buyer for the assets it inherited from insolvent owner Magiste Real Estate, via an auction. These include 6,000m2 of offices at 4 Via Silvio Pellico in Milan, which has redevelopment potential and could fetch €40m; and 51 Via Lima, a 5,200m2 office building in Rome.
The disposal process was previously being handled by the Italian courts, but Eurohypo took affairs into its own hands when they failed to drum up sufficient investor interest. The bank also plans to sell the vacant 5 Via Borromei in central Milan, after finding a tenant for the building.