Private equity real estate firm MGPA has agreed to acquire a Grade A office scheme in Milan for EUR 53mln when it is completed. The property is being acquired for MGPA Europe Fund III, part of the larger MGPA Fund III which closed in June 2008 with commitments of EUR 6.5bn. The 17,129 m[sup]2[/sup] building, which MGPA said will comply with EU environmental directives, is scheduled for occupation by June 2010.
Private equity real estate firm MGPA has agreed to acquire a Grade A office scheme in Milan for EUR 53mln when it is completed. The property is being acquired for MGPA Europe Fund III, part of the larger MGPA Fund III which closed in June 2008 with commitments of EUR 6.5bn. The 17,129 m2 building, which MGPA said will comply with EU environmental directives, is scheduled for occupation by June 2010.
MGPA's European CEO Alex Jeffrey said, 'We are very positive about the office sector in Milan, which has much lower Grade A provision than comparable markets. This was demonstrated by our successful acquisition and recent disposal of the Sony building in Cinisello Balsamo.'
Aareal Bank financed the acquisition and Cushman and Wakefield and Savills were the property advisers.
MGPA Europe Fund III raised US EUR 841.5mln and has carried out one deal in the Greek retail sector and one in the residential sector in Poland.
