BNP Paribas Real Estate Investment Management (REIM) has acquired the Viale Stelvio office complex in Italy for around €42m. 

BNP Paribas REIM said it bought the property on behalf of its real estate fund Fundamenta managed by its Italy arm. 

Located in Milan, the building, which has around 15,000sqm of total office area, is fully let.

The Fundamenta Real Estate Fund is the separate account for BNP Paribas Cardif for their core investments in Italy.