Macquarie Asset Management has bought a €63m office asset in Italy on behalf of its pan-European real estate strategy.

The manager said it has bought the 6,000sqm Corso Europa 12 asset in Milan on behalf of the Macquarie GLL pan-European property strategy. The eight-storey office building has retail units on the ground floor.

Christian Goebel, co-head of Macquarie Asset Management’s real estate team in Europe, said: “Milan is one of Europe’s most important financial hubs – home to the largest banking groups, most of Italy’s Fortune 500 countries and the country’s stock exchange.

“We believe in the long-term need for high-quality office space and see strong potential in Corso Europa 12’s rental growth and its tenants’ ability to attract the best talent.”

To read the digital edition of the latest IPE Real Assets magazine click here.