Allianz Real Estate has expanded its Italian real estate portfolio with the acquisition of an €83m multi-tenant office complex from BNP Paribas.

The €63.5bn real estate manager said it bought the 19,275sqm Tortona 33 asset in Milan on behalf of several Allianz insurance companies.

Donato Saponara, head of Italy and head of transactions for Western Europe, Allianz Real Estate, said: “The Tortona 33 acquisition perfectly fits our appetite for investments in prime office assets in Milan which offer a great risk/ return profile through active asset management.

“We continue to pursue our Italian investment strategy based on selective acquisitions in office, logistics, retail and alternatives sectors, directly or with partners, focusing on high-quality assets in resilient locations which can offer long-term value to our investors.”

Recent other deals in Italy for Allianz Real Estate include the acquisition of a logistics hub in Northern Italy in November last year and the new ENI headquarters in Milan.