Allianz Real Estate has returned to the Italian market for the second time since the onset of the pandemic with the purchase of a multi-tenant office scheme in the Eur central business district of Rome.
Allianz is paying €200 mln for the Arte 25 complex which consists of three separate buildings originally built in the 1960s. The scheme – which has been completely refurbished – is being sold by the Omega Fund, a closed-end real estate fund managed by DeA Capital Real Estate SGR.
It is one of only two LEED Platinum certified assets in Rome and boasts 30,800 m2 of gross lettable space arranged over 12 floors and almost fully let.
The deal is expected to close this summer and follows Allianz’s recent acquisition of an office in Milan as it further expands its footprint in the Italian market. At the end of May, Allianz Real Estate acquired a prime office asset in central Milan in a sale-and-leaseback agreement with Crédit Agricole Italia for €140 mln.
In a statement, Allianz said that it is planning to ‘further build its Italian portfolio through the acquisition of prime assets in Milan and Rome alongside out-of-town logistics facilities and select investments in alternative asset classes’.
‘This transaction confirms our interest on prime office assets in the Italian market,’ said Donato Saponara, head of Transactions for West Europe & Country Head of Italy, Allianz Real Estate. ‘It represents a rare opportunity to acquire what we see as the very best office asset in Rome. The Italian capital is suffering from a shortage of high quality and modern spaces assets, especially those with the highest environmental certifications. As such, Arte 25 truly stands out in the market.’
‘We have developed excellent momentum in the Italian market and continue to focus on the very highest quality redevelopments and acquisitions to deliver exceptional outcomes for all stakeholders,’ added Alexander Gebauer, CEO for West Europe, Allianz Real Estate.
Alongside growing the portfolio in Italy through acquisitions, Allianz has managed a number of high profile redevelopments in recent years.
In Milan, the firm repositioned two of its historic headquarters: Corso Italia 23, a 40,000 m2 architectural complex and the redevelopment of a new Radisson Collection property, Santa Sofia Milan, both set to be completed in 2022. In Rome, Allianz Real Estate redeveloped Palazzo Marignoli (Piazza San Silvestro), a prime late 18th century building.
