Invesco Real Estate (IRE) has acquired Palazzo Turati, a 9,400 m2 prime office building in the heart of Milan’s central business district, from local asset manager Coima.
Financial details were not disclosed.
Located just 500 metres from the Duomo, the seven-storey building is fully let to the Milan Chamber of Commerce and related entities, which have occupied the site since 1954.
Coima purchased the building in 2015 as the first investment together with Sofaz, the sovereign wealth fund of Azerbaijan, for a price of €97 mln.
'Via Meravigli 7 is an exceptionally well-located cornerstone asset in the heart of Milan’s CBD right next to Piazza Cordusio, Milan’s most renowned office area,' said Carlo Romanò, director – transactions, Italy at IRE. 'Demand for grade A office space in Milan continues to be strong amid tight supply conditions, so we are very pleased to have been able to secure this asset.'
The asset was built in 1873 and underwent a massive programme of refurbishment in 2015.
'Our strong local presence has delivered once again, adding this, our fourth high quality asset in Milan to the pan-European core strategy,' added Jonathan Pierce, senior director – fund management at Invesco. 'The overall scale and foundations of our core strategy facilitates a portfolio approach, enabling us to acquire shorter income at an appropriate price, whilst ensuring any risk is mitigated through the fundamentals of location and building quality.'
