AXA Investment Managers-Real Assets has completed its acquisition of a Milan office asset.
The manager bought the U7 in Milanofiori from Polis SGR for €45m.
AXA said the acquisition was made for the closed-end Columbus Real Estate Euro Fund.
Alessio Lucentini, head of asset management and transactions in Italy, said: “Having first gained exposure to Milanofiori North through our acquisition of the adjacent U10 asset more than two years ago, we’ve been impressed by the district’s performance and have confidence in its longer-term prospects, which is what led to us taking the opportunity to make this further commitment through the acquisition of U7.”
Lucentini said the manager’s Italian portfolio had now reached €1.7bn, with a “significant proportion” dedicated to Milan offices.
“We remain firm believers in the sustainable occupier demand, and where we have been particularly successful in accessing attractive investment opportunities to create value for our clients,” he said.
Built in 2007, U7 includes 14,931sqm of grade-A office space.
The asset is let to seven tenants.