Partners Group has bought two central Milan office properties for clients.
The investment manager said it paid €233m for the two properties in Via Monte Rosa and Viale Sarca.
Italian closed-end real estate vehicle Unicredito Immobiliare Uno sold the assets, it said.
Partners said the properties provided “high-quality cash flows and feature long-term lease contracts with excellent tenants”.
The Via Monte Rosa property is let to Italian newspaper Il Sole 24 Ore as well as PricewaterhouseCoopers.
Viale Sarca 222 has been converted from a former industrial property into an office building, now the headquarters of Pirelli & Co.
Partners said it bought the assets at an entry price, which would enable it to realise “significant value” in a market with “constantly improving fundamentals”.
Torre SGR will asset manage the properties and work on a “value creation strategy” to improve cash-flow, Partners said.