Aviva Investors Real Estate France has purchased an office building comprising 14,942 m2 of commercial space in Milan from BNP Paribas Real Estate Investment Management.
The asset, sold on behalf of the Next Estate Income Fund, which is managed by BNP Paribas REIM Luxembourg, is located in the Bicocca district in Milan.
'This latest disposal confirms the pertinence of the NEIF fund’s strategy and secures the fund’s long-term performance,' commented Laurent Boissin, NEIF's fund advisor.
The Bicocca area has recently benefited from plans to refurbish the former Pirelli factories to become one of the main service districts of Milan. The building was constructed in 2009 and has a BREEAM in Use Very Good certificate. It has been entirely let to Pirelli Tyre since its completion.
Next Estate Income Fund was advised by the JLL as part of an exclusive sales mandate.
