Barings has bought an office building in Italy on behalf of its European value-add real estate fund.

Barings Real Estate European Value Add Fund I acquired the Corso di Porta Vigentina 9 property in Milan for an undisclosed sum.

Corso di Porta Vigentina 9 comprises 4,000sqm of space across four floors above ground Barings said, adding that further improvements will be made to modernise and enhance the building.

Valeria Falcone, managing director, real estate country head Italy and portfolio manager at Barings, said the Corso di Porta Vigentina 9 is the manager’s fourth value-add transaction in Milan as “we continue to capitalise on the high demand and limited availability of quality office space in the city”.

“The office market in Milan is strong and we are confident that by undertaking a comprehensive refurbishment of the building we will be able to let the space at an attractive rent on either a single or multi-let basis.”