First Sponsor acquires Milan hotel property for 9.3m euros

Singapore

REAL estate developer First Sponsor Group has acquired a hotel property in Milan, Italy for about 9.3 million euros (S$14.4 million) in cash from BNP Paribas real estate investment fund Fondo Kona, according to market filings on Friday.

The six-storey building with a basement is located in Corso Buenos Aires no 33, Milan. The property, which is now vacant and unleased, was formerly the 65-room four-star hotel called Grand Hotel Puccini. Its designated use remains as a hotel.