The Bayerische Versorgungskammer (BVK) has bought an empty Milan property asset through Hines and Universal-Investment.

The seven-storey retail and office building on Piazza Cordusio was bought for Germany’s largest pension scheme group.

Fondo Megas sold the property, which is managed by Sorgente SGR.

The 11,000sqm building in Piazza Cordusio is almost fully vacant.

Peter Epping, fund manager of the BVK mandate for Hines, said: “With its unique location on Piazza Cordusio forming part of the regeneration of one of Milan’s grand piazzas, 2 Piazza Cordusio is an ideal asset for a redevelopment strategy for BVK.”

The deal is the fourth by Hines and Universal-Investment for the BVK mandate, having been appointed to execute a €1.3bn investment programme targeting prime assets in Europe.

The acquisition follows the purchase in March of nearby Via Dante 16. 

Lars Huber, co-chief executive at Hines Europe, said Italy was an attractive market with “significant potential”.