AXA Investment Managers buys Milan office for value-add strategy

AXA Investment Managers-Real Assets has bought a Milan office asset for €27m.

The investment manager said it completed its deal to buy the Assago building from Sireo Immobolienfond.

The company bought the property – its second in the Milanofiori area – on behalf of its clients.

The 19,500sqm asset is fully let to a management consultancy.

Alessio Lucentini, head of Italian asset management and transactions, said the deal showed its commitment to assets with “good fundamentals, that are well-located and attract long-term and strong covenants”.

AXA IM also owns assets in Milan’s Via Battistotti Sassi and Torre Beta, both bought in the past six months.

The investment manager last year invested €180m in a portfolio of eight acute care hospital facilities in northern Italy.

The 80,000sqm portfolio, in Piedmont and Lombardy, was sold by private hospital operator Policlinico Di Monza in a sale-and-leaseback deal.