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Vestate Group to buy Milan commercial ppt at $297M
19 Jun 2017
(Infocast News) Vestate Group Holdings (01386) announced that it entered into a preliminary agreement on 17 June 2017 to buy commercial properties from a company in which Cai Jiaying (an executive director of Vestate Group Holdings) owns 70% equity interest. The purchase price is EUR34 million (HK$297.16 million) in cash.

The properties are all commercial units at floor 00 and 01 and basement floor 1 with total gross floor area of 3281.38 square metres and all car parks at basement floor 5 and floor 6 with total gross floor area of 1830.43 square metres situated at 33, Giovanni Battista Pirelli Street, Milan, Italy.

Vestate Group Holdings intends to use part of the properties to setup a lifestyle flagship store that offers entertainment, shopping and catering enjoyment, and to lease out the remaining part of the commercial properties.

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