RREEF Real Estate has agreed to acquire a central Milan office block for EUR 100 mln from Patrimonio Uffici, a fund managed by the Pirelli Group. The 14,266 m2-property located in the central business district near the city's historic Duomo and the Sforzesco Castle consists of offices and seven retail units.
RREEF Real Estate has agreed to acquire a central Milan office block for EUR 100 mln from Patrimonio Uffici, a fund managed by the Pirelli Group. The 14,266 m2-property located in the central business district near the city's historic Duomo and the Sforzesco Castle consists of offices and seven retail units.
'This unique property on via Meravigli is particularly attractive due to the good fundamentals of the office market in Milan's central business district where opportunities to acquire assets of this quality are rare. Situated in a prime location, with good rental growth potential, we are delighted to add this trophy asset to our growing portfolio of Italian properties', said Gianluca Muzzi, co-head of RREEF Italy.
This transaction further strenghtens the presence of RREEF in Italy, which last year bought a EUR 305 mln property portfolio from Italian pension fund Enpam.
