Italy's InvestiRE Sgr has sold the Arcadia Center, an office asset in Milan owned by closed-end alternative real estate investment fund Immobilium 2001, to a primary international institutional investor.
Financial details were not disclosed.
The asset, in Via Grosio 10/4, has a gross lettable area of about 11,000 m2 with 250 parking spaces, and dates back to the 1970s.
A significant and sustainable refurbishment by InvestiRE in 2018/2019 saw it chosen as the headquarters of a global financial services and mobility provider.
The Gallaratese district, in which the asset is located, is found on the axis running north-west from Corso Sempione towards Malpensa, passing through Cascina Merlata and MIND.
The award-winning transformation of the building was designed by a team comprising Studio Giuseppe Tortato Architetti, F&M Ingegneria and Tekser Ingegneria, and achieved LEED Gold certification.
Dils and BNP Paribas Real Estate Advisory acted as advisors in the sale of the asset.
