Barings has acquired the Viale Cassala 22 mixed-use building in Milan, Italy, on behalf of institutional investors.

The real estate investment manager bought the 8,700sqm asset, which offers 50% retail and 50% office accommodation, for an undisclosed sum.

The retail area is currently fully let while the offices are set to be redeveloped.

Valeria Falcone, managing director, real estate country head Italy and portfolio manager at Barings, said the acquisition of Via Cassala 22 is the company’s third value-add transaction in Milan, having previously acquired Via Pola and Via Ceresio.

Falcone said the asset has great visibility on the internal ring road and sits close to Romolo tube station, one stop from Porta Genova.

“The area is growing with undersupplied demand for Grade A office space.

“We will look to unlock the potential of the asset through an active redevelopment programme that will modernise the asset and offer tenants a contemporary, fit-for-purpose space.”