AXA Real Estate Investment Managers has completed its largest acquisitions in the Italian market for two years.
AXA Real Estate Investment Managers has completed its largest acquisitions in the Italian market for two years.
The global investment manager bought two office buildings in Milan for €64 mln. According to sources of PropertyEU, the acquisition reflected a yield of 10.5%.
The buildings are located in the Bodio Center business park in the north-west of the city and comprise 24,000 m2 of lettable area. The offices are fully-let to tenants across several industry sectors and act as the Italian headquarters of a major global pharmaceutical company.
The vendor was Aberdeen Asset Management. The transaction represents AXA Real Estate’s largest acquisition in Italy since 2010.
The deal also includes the purchase of two retail buildings with a total area of 4,000 m2 offering leisure facilities to workers at the complex.
Riccardo Dallolio, European head of transactions at Axa Real Estate, said the deal was significant. ‘The acquisition has allowed us to purchase two high quality office buildings in one of Milan’s major business districts at an opportune time in the market cycle,’ he said.
‘This transaction shows that we are active within value-add opportunities at attractive pricing on behalf of our clients.’
AXA Real Estate Investment Managers was one of the biggest investors in European property and debt last year and currently holds €45 bn of assets under management.
