AXA Investment Managers - Real Assets (AXA IMRA) has completed the acquisition of a grade A office building dubbed U7 in Milan from Italian real estate fund business Polis for €45 mln.
AXA IMRA made the acquisition on behalf of the Columbus Real Estate Euro Fund, a closed-ended real estate fund.
'Having first gained exposure to Milanofiori North through our acquisition of the adjacent U10 asset over two years ago, we’ve been impressed by the district’s performance and have confidence in its longer-term prospects, which is what led to us taking the opportunity to make this further commitment through the acquisition of U7,' commented Alessio Lucentini, local head of asset management & transactions in Italy at AXA IMRA.
Built in 2007, U7 comprises 14,930 m2 of space spread across eight above-ground floors, plus 110 underground car park spaces. The asset is let to seven tenants and is located in Assago Milanofiori North, a business district in Southern Milan.
'This property adds to the Italian portfolio we manage on behalf of our clients, which has now reached €1.7 bn, with a significant proportion dedicated to Milan offices, where we remain firm believers in the sustainable occupier demand and where we have been particularly successful in accessing attractive investment opportunities to create value for our clients,' concluded Lucentini.
