It is currently the subject of an ongoing dispute between the seller and the building’s ex-tenant – who claims there is a preliminary sale and purchase agreement between itself and Fonda Kona, which the latter has allegedly failed to honour.
SINGAPORE (Jan 25): First Sponsor’s indirect wholly-owned subsidiary FS Milan Property is acquiring a former hotel building in Italy for 9.3 million euros ($14.4 million) from Fondo Kona, a real estate close-ended alternative investment fund controlled by Europe’s BNP Paribas.
Located at 33 Corso Buenos Aires in north-eastern Milan, the six-storey vacant and unleased property was formerly named Grand Hotel Puccini, then known a 65-room four-star hotel.
