A closed-end investment fund advised by UBS has acquired an office building in the new Porta Nuova Varesine business district of Milan in an off-market deal worth €32 mln.

A closed-end investment fund advised by UBS has acquired an office building in the new Porta Nuova Varesine business district of Milan in an off-market deal worth €32 mln.

Located at via Fara 26, the building provides around 5,300 m2 of gross space and is multi let to national and international occupiers.

The vendor is Via Fara Properties Srl, a unit of AXA Real Estate which bought the building in early 2013.

UBS was advised by JLL and law firm Nunziante Magrone.