Allianz Real Estate has added a €175m office asset in Rome to its Italian portfolio.

Allianz Real Estate said it acquired the 22,000sqm Curtatone building through the DeA Capital Real Estate-managed Altair Fund.

Built in the 1950s, the asset is a multi-tenanted office property distributed over nine floors above ground and two below ground.

The latest deal follows Allianz Real Estate’s acquisition of Arte 25, a multi-tenant office complex in Rome in 2020.

The manager’s recent office transactions in Italy also include the acquisition of Porta Nuova, a manage-to-core office complex situated in the heart of Milan’s CBD in November 2021. Allianz Real Estate’s also managed several high-profile redevelopments in the region, including the repositioning of the historic Palazzo Marignoli in Rome in June last year.

“Looking forward, our commitment to growing our Italian equity portfolio remains, with a focus on office assets in Milan and Rome, as well as out-of-town logistics facilities and select investments in alternative asset classes,” said Donato Saponara, the head of investments West Europe and country head of Italy at Allianz Real Estate

Alexander Gebauer, CEO for West Europe, Allianz Real Estate, said: “We remain highly positive towards the European office sector. This transaction is fully aligned with our strategy in the sector, which focuses on the acquisition and redevelopment of high-end buildings in resilient locations with amenities to meet post-Covid tenant demands.

”We will continue to build a significant footprint in this core asset class as part of the diversification of our European portfolio.”

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