Benson Elliot has strengthened its position in Italy with the acquisition of a 45,000sqm Milan office portfolio from BNP Paribas and Generali Real Estate.

The UK-based private equity real estate fund manager has bought all the units in the ER Office Fund 3 (EROF3) fund managed by Europa Risorse, which has acquired adjacent business parks in Segrate, northeastern Milan.

The two business parks were purchased in separate transactions, from BNP Paribas and from Toscanini Fund, managed by Generali Real Estate. Financial details were undisclosed.

Segreen Business Park, acquired from BNP Paribas, comprises 27,000sqm of office space in two buildings, with parking for over 900 cars. Segreen Business Park is over 90% occupied.

Nest Business Park, acquired from Toscanini Fund, comprises 18,000sqm of office space in three buildings, together with parking for over 500 cars.

Currently vacant, the property presents an opportunity for substantial refurbishment and integration with Segreen Business Park, Benson Elliot said.

Joseph De Leo, a senior partner at Benson Elliot, said: “We’ve been engaged in the Milan market for decades, but see a particularly compelling investment story right now, as growing demand for grade A office space confronts very limited new supply.

“We’re well positioned to capitalise on the opportunity given our local capabilities, and look forward to delivering some attractive new office accommodation into this increasingly strategic locale.”

Benson Elliot in 2014as acquired the Via Aurelia 278 residential development in Rome and Terminal Nord Retail Park in Udine through the acquisition of all the units in funds managed by Europa Risorse. 

Europa Risorse was founded in 2001 by Benson Elliot’s managing partner Marc Mogull, and current managing director of Europa Risorse Antonio Napoleone.