AXA Investment Managers - Real Assets (AXA IMRA) has purchased three office buildings in Milan's Bodio Centre business park for €83 mln from CBRE Global Investors.
Acquired on behalf on institutional investors, the deal provides AXA IMRA with full ownership of the 65,000 m2 office-led Bodio Centre, having acquired the remaining two office buildings and two retail assets within the business park, on behalf of clients, back in 2013.
'Having had exposure to the Bodio Centre for the past four years we are now able to extend our commitment to the scheme with confidence on the back of our own positive first-hand experience of the business park’s performance and appeal,' commented Alessio Lucentini, local head of asset management & transactions in Italy at AXA IMRA.
The buildings acquired include Bodio 1, 2 and 3 office schemes, adding to AXA IMRA’s holding of Bodio 4 and 5 buildings within the same Grade A development.
Sandro Campora, Country Manager Italy, CBRE Global Investors said: 'We have completed our significant asset management initiatives to transform the complex from single-let to multi-tenant use and to bring it in-line with current occupiers’ requirements.'
The three latest additions total 30,000 m2 of space let to institutional tenants from a variety of industry sectors. Completed in 2005, the buildings have access to a 500-space underground car park, landscaped gardens, restaurants and a fitness centre.
'Our earlier investment into the Bodio Centre saw AXA IM - Real Assets as one of the first movers back into Southern Europe market. Having reaped the rewards of our first-mover advantage we remain firm believers in the sustainable occupier demand of the Milan office market,' concluded Lucentini.
