AXA Investment Managers - Real Assets has completed the acquisition of an office property in the northern Italian city of Milan.
AXA Investment Managers - Real Assets has completed the acquisition of an office property in the northern Italian city of Milan.
AXA's real estate investment business acquired the Assago Building from Sireo Immobilienfond for €27 mln as part of its value-add strategy.
Assago, located in the Milanofiori business district, comprises 19,500 m2 of total lettable area spread across five above-ground floors plus underground parking facilities.
The property, originally built in the 1980s but extensively refurbished over the years, is fully let to a global management consultancy firm as a major regional operational centre.
This transaction builds on the momentum of AXA IM - Real Assets’ renewed activities in the Italian real estate market, where it recently bought Via Battistotti Sassi, 11 and Torre Beta. Other recent acquisitions include the €180 mln purchase of a portfolio of hospital facilities in Northern Italy in November 2015.
'The Assago building is our second acquisition in this leading business district and illustrates our commitment to investing in assets that have good fundamentals, are well located, and that attract long-term and strong covenants,' said Alessio Lucentini, head of Italian asset management & transactions at AXA's property investment division.
