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Opportunity from crisis: How investors playing post-pandemic property mkt

By Tom Arnold and Saikat Chatterjee LONDON (Reuters) - With its striking facade, Palazzo delle Poste in the heart of Milan is one of the more elegant office spaces in Europe, hosting the likes of JPMorgan and Italy s first ever Starbucks outlet. Having lain empty for part of 2020 as the COVID-19 pandemic sent office workers home, the early 20th-century building was sold this month to a group of private investors coordinated by Italy s Mediobanca for 246.7 million euros ($293.3 million), 27 million euros above the original asking price. The 2.8% capitalisation rate - the return the property is expected to generate - was a record for office real estate in Milan.

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