AXA Investment Managers-Real Assets has invested €220m in a core Milan office asset.
The investment manager bought a five-block asset in Via Monterosa from a fund managed by Partners Group and Fortress Investment.
AXA-IM invested in the 86,000sqm asset for the AXA Selectiv’ Immo and AXA CoRE Europe funds.
Antoine Aubry, fund manager, said the manager was aiming for the latter fund to increase its overall size.
The complex is fully let to Italian newspaper IlSole24Ore.
Partners bought the asset in February last year as part of a €233m deal to buy two properties.
Italian SGR vehicle Torre managed the asset.
At the time, Partners said it bought the asset at an entry price, which would enable it to realise “significant value”.