Australia's Macquarie Office Trust has acquired the City Central office block in Milan for EUR 151.9 mln, marking its second deal in Europe. The seller was not disclosed. Ceo Adrian Taylor said the transaction was in line with the company's strategy of diversifying investments into European growth markets.
Australia's Macquarie Office Trust has acquired the City Central office block in Milan for EUR 151.9 mln, marking its second deal in Europe. The seller was not disclosed. Ceo Adrian Taylor said the transaction was in line with the company's strategy of diversifying investments into European growth markets.
The Milan asset is an A-grade office property comprising two adjacent and connected buildings which have recently been refurbished. One building is leased to the ministry of employment and social policies until 2012 and the other is currently vacant. Macquarie Office Trust said it sees Milan as one of Europe's largest office markets, characterised by high demand and limited stock of modern, high-quality accommodation in the semi-centre submarket. Macquarie made its first European acquisition in Berlin in December 2006.
