Private equity firm Aermont Capital has inked deals with Allianz and Covivio to boost its real estate holdings in Milan, Italy.
Financial details were not disclosed.
The first agreement, struck with Covivio, was for a multi-tenant office building in the city.
The complex, with a gross surface area of 28,000 m2, is located in Viale dell'Innovazione in Milan's Bicocca area, and is described as a 'manage to core' asset. It is currently partially leased.
A second deal saw Aermont pick up two properties from Allianz Real Estate, located in Via Pirelli and Via Monte Grappa. The Via Pirelli asset, also in the Bicocca neighbourhood, is a vacant office covering 29,000 m2, while the Via Monte Grappa property is a 65-room hotel leased to NH Italia.
Covivio said that the sale was in line with market value and its asset rotation strategy to dispose of non-core properties.
Covivio is currently recycling capital into a number of city ventures such as the L'Oréal and Moncler offices in the The Sign and Symbiosis business districts in Milan, and its redevelopments in Corso Italia and Wellio Duomo in the city's central business district.
For Aermont, the deals continue a busy period which have included the sale of Marienturm, its fully-let LEED Platinum landmark development in Frankfurt, to DWS.
