Global investment firm Investcorp has added a €128m office asset in Italy to its European portfolio.

The company said its European real estate business has bought the fully-let Via Paolo di Dono 44 office property in Rome.

The property was built in 2008 and is leased to the International Fund for Agricultural Development (IFAD).

Investcorp first entered the Italian real estate market in October last year through the acquisition of a €74m office asset in Milan. Since launching its European real estate business in 2017, Investcorp has invested approximately €1.1bn in 80 properties across the UK, Germany, the Netherlands, Italy and Belgium.

Neil Hasson, managing director and head of Investcorp’s European real estate arm, said: “This acquisition validates our strategy of acquiring office and industrial assets in Europe, and it aligns with our focus on high-quality, income-producing assets in attractive markets.

“This deal follows our acquisition of Kering’s Milan office at the end of last year and underlines our growing momentum in Europe.”

Pierre de La Rochefoucauld, Principal, Investcorp European Real Estate, said: “Italy is a market where we are beginning to see increasing investor interest given the attractive demand and supply characteristics. The IFAD office is a well-located, modern building with leading green credentials that generates stable, long-term cashflow.

“We are excited to be adding this high-quality office property to our growing portfolio.”

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