Allianz Real Estate has acquired two prime Milan offices by acquiring a real estate fund from Blackstone.

All of the units in an Italian-closed-ended fund were sold to a group of German Allianz entities, giving them exposure to Gioia 26 and Porta Nuova 21, both located in the central business district of Milan Porta Nuova.

The fund, named Kensington, is managed by Italian fund manager Kryalos SGR and was sold by Blackstone Real Estate Partners Europe, an opportunity fund.

Gioia 26, which is located at the Via Melchiorre Gioia 26, hosts the Italian headquarters of General Electric, Gilead and Multi Corporation.

Porta Nuova 21, which is located at Bastioni di Porta Nuova 21, hosts Spaces, a new flexible working format implemented by the Regus Group that targets high growth potential businesses, particularly new tech and media companies.

Mauro Montagner, CEO of Allianz Real Estate Southern Europe, said: “Kensington provides Allianz with access to the type of property we find attractive when seeking stable returns for our customers: Milan as a gateway city and the underlying assets for the type of tenant they attract.