Investment manager BNP REIM Italy has acquired an office building located in Via Mazzini 9/11, Milan for €100 mln in an off-market deal.
The asset is located between Piazza Duomo and Piazza Missori in the city centre, and comprises 10,600 m2 of space arranged over eight, above-ground floors plus two basement levels.
The property is fully leased to a major international co-working company and was completely refurbished this year, obtaining the LEED Gold Certification for core & shell development.
Marco Montosi, head of investment at Savills Italy, advisers to BNP, said: 'This acquisition confirms strong interest for office product with strong fundamentals and resilient characteristics. We are proud to have assisted BNP REIM in this acquisition, started during the lockdown.'
According to Savills, recent investor interest in Italy has been focused on prime office buildings characterised by high level of quality. More than 50% of H1 volumes were focused on offices, with H1 overall volumes in the region of €1.9 bn.
Added Montosi: 'With €3.6 bn invested in H1 2020, as of today the Italian real estate sector seems to be partially resilient to the Covid-19 impact, with volumes circa 6% lower than the five years average.
'The second quarter totalled circa €1.9 bn, a higher result than the investment transaction volume recorded in the first quarter of €1.7 bn.'
