HIG Capital has added an office property in Italy to its European real estate portfolio.

The Miami-based private equity investment firm said one of its affiliates bought the 8,600sqm office building in Milan for an undisclosed sum.

The building will undergo renovation.

HIG’s real estate assets across Europe currently consists of both equity as well as debt investments, with a particular focus on its target market of value-added small and mid-cap opportunities.

The company’s previous deals include the purchase of an office property in Paris and a retail park in Italy. Earlier this month, HIG also acquired a portfolio of Danish logistics assets.

Commenting on the latest acquisition, Riccardo Dallolio, the managing director and head of HIG Europe Realty Partners in London, said: “Our focus in Italy is on high-quality assets with the potential of becoming highly liquid institutional product as the result of the envisaged value-add initiatives.”

Gabriele Magotti, a principal at HIG. Europe Realty Partners in Milan, said: “The strong demand in the historical centre of Milan for both high-street retail and office tenants makes the restoration of these historical buildings an attractive investment proposition.”