BNP Paribas Real Estate Investment Management Italy has sold a prime office asset, situated in the CBD Duomo of Milan, on behalf of alternative investment fund Concepto.
Concepto is a 50% joint venture between the OPCI BNP Paribas Diversipierre and the AIF named Fundamenta, entirely owned by BNP Paribas Cardif.
The asset, with a total area of more than 11,000 m2 over eight upper floors and two basement levels, is located in Via Mazzini 9/11, a prime office location in the historical and financial centre of Milan.
Built in 1935, the asset was acquired by Concepto in August 2020, right after the completion of the refurbishment works that brought the property to Leed Gold standard.
The building is fully leased to global leading flexible space provider WeWork. The property marked the tenant's fourth space in Milan as of March 2021.
Said Vincenzo Nocerino, chief investment officer at BNP Paribas REIM Italy: 'Via Mazzini 9/11 is highly attractive for core investors, seeking high quality, office investments with significant ESG characteristics and good covenants.
'When the asset was acquired in 2020, the investors took a calculated risk during the Covid pandemic in a time of uncertainty and with a tenant that was relatively new to our market.
'We are pleased to confirm that with such a prime asset, together with the tenant’s positive contribution to developing the co-working office market in Milan, we have been able to achieve notable results for our investors.'
In the operation, BNP Paribas REIM was supported by Dentons as legal advisor, Fivelex Studio as tax advisor and Yard Reaas as technical advisor.
