AXA Investment Managers-Real Assets has invested €120m in a Milan office asset.

The manager bought the Via della Chiusa 2 asset via a share deal for its value-add strategy.

Alessio Lucentini, head of asset management and transactions in Italy, said the company had confidence in the long-term prospects of the Italian real estate market and occupier demand in Milan.

The 25,000sqm complex includes two separate buildings, both fully let.

The asset’s primary tenant, which occupies 70% of the gross lettable area, is leaving next month.

AXA IM-Real Assets also highlighted the property’s refurbishment potential.

The manager recently invested €220m in a core Milan office asset in Via Monterosa.

The 86,000sqm asset was bought for the AXA Selectiv’ Immo and AXA CoRE Europe funds.