AXA Investment Managers - Real Assets has bought a 2,300sqm high-street retail asset in Italy for a French insurance group.
The €76bn asset manager said it acquired the two adjoining classical buildings in Bologna on behalf of CNP Assurances.
No financial details were disclosed.
The asset, which is spread over three floors, is fully let on a long lease contract.
In April last year, AXA IM - Real Assets also bought Zeisehof, a new office building in Hamburg, Germany, for CNP.