Allianz Real Estate has completed the acquisition of the Deutsche Bank head office in Milan and the Acea office building in Rome from Morgan Stanley's Italian fund management arm.
Allianz Real Estate has completed the acquisition of the Deutsche Bank head office in Milan and the Acea office building in Rome from Morgan Stanley's Italian fund management arm.
As tipped by PropertyEU on Friday, the German investor has acquired a 95% stake in the two buildings, which provide 8,300 m2 and 5,600 m2 of space respectively.
Financial details were not disclosed.
The Milan property is located in the city's central business district and was entirely restructured in 2010 and 2012. The asset boasts a Leed 'Gold' environmental rating.
The asset in the capital city is located in the Ostiense district and is entirely leased to publicly-owned water utility company Acea.
'Despite the financial difficulties, we believe the Italian property market offers interesting investment opportunities,' said Mauro Montagner, CEO of Allianz Real Estate Italy. Allianz Real Estate plans to invest up to €500 mln in Italy this year, he added.
Allianz Real Estate is the latest of a string of foreign investors re-entering the Italian property market. AXA Real Estate has just completed the purchase of Bodio Center in Milan from Aberdeen while Simon Property has acquired a 50% interest in McArthurGlen, which has a large exposure to Italy with a total of five factory outlets in the country.
Also in Milan, Qatari investors have purchased a minority interest in the massive Porta Nuova mixed-use development site in the largest property deal so far this year.
