Patrizia Immobilien has bought a 6,000sqm Milan office building from BNP Paribas REIM for one of its single investor funds.
The pan-European real estate investor said it has acquired the Palazzo Montedoria office building in the new central business business district of Porta Nuova.
The acqusition amount was undisclosed but the manager said the deal increases Patrizia’s assets under management (AUM) in Italy to €530m, and takes its pan-European office AUM to around €14.5bn.
Marco Grassidonio, Patrizia’s country manager and head of asset management in Italy, said: “The office real estate market in Milan has shown excellent growth over the last few years and is expected to build on this momentum.
“This landmark acquisition represents a key milestone for Patrizia in Italy and confirms the company’s ambition to continue investing in Italy across all asset classes as an important region for diversification of our clients’ portfolios.”
