UBS Asset Management has acquired La Forgiatura business campus in Milan, Italy on behalf of two institutional investors.

It is the first deal for UBS AM Real Estate & Private Markets’ European Club Deal strategy.

UBS did not disclose the price but said it was a “low three-digit million amount”.

La Forgiatura is an integrated campus on the site of a regenerated nineteenth century industrial complex with 30,000sqm of grade-A office space.

There are nine individual buildings and a further one under construction, and more than 400 on-site parking spaces.

Situated in Zona Certosa, in the North-Western part of the city, La Forgiatura is Milan’s first entirely carbon-free scheme and is LEED certified.

UBS said its customised clients solutions team “drew together two institutional investors with aligned interests and a strong appetite for direct access to income-producing real estate with long-term growth potential, and identified the attractive investment opportunity and structure”.

Tilman Hickl, head of customised clients solutions, said: “The successful closing of our first club deal with institutional clients in Europe, with the acquisition of a promising and income-generating business campus, marks the beginning of a new era of sustainable real estate solutions for our clients.

“This transaction re-affirms investors’ confidence in our deal-focused strategy, underpinned by its ability to immediately deploy capital and accurately allocate properties to our investors.”