(Alliance News) - Borgosesia Spa announced Friday that it has finalized the EUR17.5 million purchase of the Hybrid Tower Mestre, a skyscraper built on the areas of the former depot of the public transport company ACTV.

"Strategically located on the mainland of the Municipality of Venice, this site has undergone a rapid metamorphosis in recent years, evolving from an industrial and semi-abandoned area to a new business, tourist and residential hub, thanks in part to the HTM, a cutting-edge project completed at the end of 2016 by the ASA studio of renowned architect Flavio Albanese," the company explained.

The HTM has a commercial surface area of about 6,000 square meters, in addition to the covered parking area, has 19 floors that house offices, an innovative medical center, 38 fully furnished apartments of various sizes designed for the market of short leases, mainly tourist, and on the top floors a panoramic restaurant and a terrace with 360-degree views of the Venetian Prealps and lagoon. On the HTM there is also space for the largest LED advertising screen in Italy, powered by solar panels.

The property is almost fully leased to date with an estimated rental income, on an annual basis, of between EUR1.3 million and EUR1.6 million depending on the variable ones connected to the suites whose management is entrusted to an operator in the sector. In the context of the transaction, which falls within the category of special opportunities, the group has also sold to a counterparty the entire capital of Canuel Srl - a company that owns a property in Sanremo leased to third parties - as well as that of Newco Lake Srl, a company to which two important areas located on the Lombard shore of Lake Maggiore appear to have been contributed, assuming, moreover, with reference to the smaller one, a commitment to obtain the relevant building permits by June 30, 2024.

These divestments were finalized toward a total consideration of EUR9.3 million, aligned with the carrying values in the group's balance sheet, net of financial liabilities of EUR1 million.

"The new investment combined with the divestments allows to continue, in the current market context, a strategy focused on targets capable of producing income immediately without compromising, as the scenario changes, their profitable future divestment while lightening the area portfolio."

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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