IRE acquires Milan office asset for pan-European strategy

Invesco Real Estate has announced the acquisition of the Time building, a fully renovated office property located close to Porta Nuova district, the new Central Business District of Milan.

The acquisition, whose amount was not disclosed, was made on behalf of IRE’s pan-European strategy, following shortly the fund's first investment in Milan at Via Broletto earlier this year.

'This is the strategy’s second acquisition in Milan, and marks our commitment to the Milanese office market. GDP growth in Milan is forecast to consistently outpace Italy as a whole and there is an increasing demand for grade A office assets in the CBD,' said Paddy Bingham, IRE’s managing director of fund management.

The recently renovated Time asset consists of a nine-storey high quality building with 50% of the space already let to IMS Health, a global information and technology services company in the healthcare industry, that will relocate its headquarters to the building in the upcoming weeks.

'It is extremely rare to find Grad A properties with this quality and top facilities in central Milan. The building will also feature a U.S. Green Building Council pre-certification and has achieved the LEED Platinum certification,' added Carlo Romanò, Invesco Real Estate’s director of transactions, Italy.