AXA Investment Managers - Real Assets has completed the acquisition of an office complex at Via Battistotti Sassi, 11, in Milan, for €33.5 mln.
AXA Investment Managers - Real Assets has completed the acquisition of an office complex at Via Battistotti Sassi, 11, in Milan, for €33.5 mln.
The acquisition was made on behalf of a dedicated real estate alternative investment fund, launched and managed by AXA's Italian asset management arm.
The complex comprises two separate buildings which provide 31,000 m2 and 237 car parking spaces. Mostly office led, the complex also includes some retail units on the ground floors. The two buildings are currently 96% let to 12 tenants.
'Via Battistotti Sassi, 11, is a strong asset located in an increasingly popular area of the great Northern Italian city of Milan, making it an excellent addition to the Fund’s portfolio,' said Alessio Lucentini, head of Asset Management & Transactions in Italy, Real Assets. 'Having identified further asset management potential in combination with the promising transportation prospects for the area, we view this as a compelling investment opportunity to create value for the Fund.'
The transaction comes shortly after AXA's acquisition of the Beta office tower, also in Milan.
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