Enpam, the Italian pension fund for doctors and dentists, has sold a 29-property portfolio for €305m.

Pirelli Real Estate acquired the portfolio with holder Global Opportunities Fund II, a fund managed by Deutsche Bank subsidiary RREEF, which acquired 65%. After the deal’s closure in the autumn, assets will transfer to Pirelli’s Social & Public Initiatives fund.This portfolio largely comprises northern retail and office assets concentrated in the Lombardy and Tuscany regions and currently has an average 54% vacancy rate.