FIRST SPONSOR ACQUIRES FORMER GRAND HOTEL PUCCINI, MILAN

Singapore-based First Sponsor Group has bought the vacant and unleased former Grand Hotel Puccini in Milan for €9.3 million (€143,000 per room) from Fondo Kona, BNP Paribas’ real estate alternative investment fund. The 65-room property is subject to an ongoing dispute between the building’s ex-tenant and the seller, which is expected to be cleared by the end of 2019.

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