Investment manager Invesco Real Estate has announced the sale of a 7,000 m2 tower at Via Sassetti 32 in Milan after having refurbished the building into a state-of-the-art office space.
Italy's Banca Sella has acquired the asset which it will use as its own headquarters, according to well-informed market sources.
Invesco Real Estate did not disclose the name of the buyer or the transaction details.
The company said the sale 'marked a milestone' for its business as the asset represented its first acquisition in Italy after opening up offices in the country in 2014, headed up by Carlo Romanò.
'We're extremely proud of the value that our local asset management team created on this asset, which demonstrates Invesco’s ability to reposition an under-utilised asset and redevelop it into a grade A office space for a growing and modern office district,' commented Carlo Romanò, who led the acquisition at the time on behalf of a separate account client.
Located close to the new Porta Nuova district, the building offers 6,200 m2 of space and was once used by the Lombardy Region as head office.
Invesco was advised by GVA Redilco. K&L Gates assisted Invesco with the legal aspects of the transaction.
Invesco Real Estate, which currently has around $250 mln of assets under management in Italy, said it will seek to invest further in Italy on behalf of a number of pooled and separate account mandates.
To further strengthen the local team in Milan, the company has hired Massimo de Paolini as head of asset management activities in Milan, starting from this month.
