Italian pension fund Inarcassa has acquired the headquarters of Telecom Italia in the centre of Milan.

Italian pension fund Inarcassa has acquired the headquarters of Telecom Italia in the centre of Milan.

Inarcassa's real estate fund, managed by Fabrica Immobiliare Sgr, invested €75 mln in the transaction.

The office building, located at via Negri 1, was sold by telecommunications group Telecom Italia which will continue to occupy the building on a long-term rental agreement.

The complex was completely restructured in 2007 and provides 11,600 m2 of commercial space over six storeys.

Following the acquisition, Inarcassa RE's portfolio includes seven buildings in Milan, Rome, Turin and Palermo, representing a total value of €270 mln.

Fabrica Immobiliare, owned by construction group Caltagirone and bank Monte dei Paschi di Siena, manages 12 funds with total assets under management of €3 bn.