Allianz Real Estate has invested €140m to buy an office asset in Italy from Crédit Agricole Italia.
The €73.6bn real estate manager said the sale and leaseback acquisition of the three interconnected buildings facing Via Armorari and Via Cantù in Milan, was made on behalf of several Allianz group insurance companies.
Allianz Real Estate said it has acquired the property through an existing fund structure managed by Kryalos.
Donato Saponara, head of transactions for west Europe and country head of Italy, Allianz Real Estate, said: “Despite the current environment, the acquisition of this prime office asset in Milan underscores our strong belief in the long-term strength of the market.
“It fits well within Allianz Real Estate’s investment strategy, adding a very high-quality asset to our portfolio that provides long-term, stable cash flows underpinned by a prime tenant.”
Alexander Gebauer, CEO for west Europe, Allianz Real Estate, said: “On a broader basis, we remain very active in Italy, particularly in the office sector in Milan and Rome, and are positive on the market on a select basis.
“The combination of our local team of experts and Allianz Real Estate’s global platform places us at an advantage as we are able to position our assets at the best international standards.”
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