BNP Paribas REIM has acquired a refurbished office in Milan from private investment house Ardian and Italy's Prelios.
Financial details were not disclosed.
The asset, at via Melzi D'Eril 34, has been transformed under Ardian's and Prelios' ownership into a landmark office campus with strong ESG and digital credentials.
The property is located between the Porta Nuova and CityLife districts, a few steps from Parco Sempione and the Arco della Pace.
The redevelopment project was conducted by Asti Architetti, an architectural studio which converted the early twentieth century building into a modern site, creating an urban campus of approximately 5,700 square metres GLA.
The asset now includes 300 m2 of panoramic terraces and another 300 m2 of rooftop, as well as a 800 m2 garden. The building will become the new headquarters of a leading IT consulting company and a notable co-working services company.
Said Matteo Minardi, managing director, Ardian Real Estate: 'Melzi d'Eril's success demonstrates how the pandemic has shifted office market demand towards sustainable buildings that prioritise employee well-being.
'One of the main challenges that companies are experiencing is the ability to attract and retain talent. The campus, with its services, IoT infrastructure, common spaces and over 1,400 square meters of terraces and gardens, provides tenants with a unique and immersive experience in the heart of Milan.
'BNP has believed in this project for its resiliency thanks to its sustainability features and the low CO2 emissions that the building will produce between now and 2050, in line with the Paris Treaty.'
ESG was integral to the redevelopment project; the building is one of a few to be aligned with the ambitious objectives set by the Paris Agreement in terms of CO2 emissions, aimed at limiting average global warming to well below 2 degrees Celsius.
As a result, the building has been certified as LEED Platinum, BREEAM Very Good and Well Silver, and is WiredScore compliant.
'The interest shown by international tenants and investors in properties repositioned according to international best practices confirms the long-term sustainability of the Milan and Rome markets. This is also demonstrated by the recent launch of new operations by Prelios SGR in both cities,' concluded Patrick del Bigio, CEO Prelios.
Dils acted as commercial advisor for the transaction. Ardian and Prelios SGR were supported by Linklaters as legal advisor.
