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Telecom Italia sells historic Milan HQ for EUR 75 million
2014-04-01 09:27:00| Telecompaper Headlines
(Telecompaper) Telecom Italia has announced the sale of its historic headquarters in Milan's Via Negri to Fondo Inarcassa RE for EUR 75 million. However, the company specified that it had signed a long-term rental contract at the same time as the deed of sale, so the building will remain the Milanese headquarters of Telecom Italia for the foreseeable future. Located in one of the most sought-after locations in Milan city centre, very close to the Piazza Affari stock exchange and the Duomo, the 11,600 square meter building has 6 floors above ground and was completely refurbished in 2007. It is mainly filled up with offices, but also houses a telephone exchange on the ground floor and basement. The sale is part of a major real estate rationalisation plan encompassing some 14,000 buildings, with Telecom Italia looking to reduce annual rental costs that currently stand at around EUR 700 million.
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Category:Telecommunications