Barings is buying a €40m office complex in Italy on behalf on behalf of its value-add real estate fund, BREEVA II.

The manager said it has agreed to buy the vacant 12,600sqm asset in Milan from Deka.

The office complex is located at Viale Cassala 14/16 in the southwest quadrant of Milan.

Marco Corti, managing director, country head of Italy for Barings, said: This was an attractive opportunity for our strategy to acquire and reposition outdated office stock as Grade A space with market-leading ESG credentials.

“Milan is a market we know very well and one where we see significant opportunities for value as more occupiers make sustainability a priority and look outside the traditionally prime areas of the city for space.”

Gunther Deutsch, the head of transactions Europe and managing director at Barings, said: “This was our sixth deal for this strategy in Milan - with three opportunities already realised and sold - and further builds our track record for a hands-on approach to investment and asset management.”

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