Barings Real Estate Advisers has acquired a 4,400sqm office redevelopment in Italy for an undisclosed sum.
Barings said the investment is being made through Italy Opportunity Fund, an Italian alternative investment fund set up on behalf of clients and managed by Kryalos SGR.
The refurbishment is expected to transform the property into a Grade A office space priced at a competitive rent in a market experiencing strong demand for high quality accommodation, it said.
The property is located at the edge of Porta Nuova, the main business district of Milan.
Valeria Falcone, the managing director for Italy at Barings Real Estate Advisers, said: “This asset provides a compelling opportunity to invest in the creation of a high quality office scheme, with the potential for increased lettable space, in a prime location which has growing demand but limited supply.
“This represents our fourth acquisition in Italy as we continue to deliver on our strategy of delivering attractive returns for our clients.”
Gunther Deutsch, the managing director and head of investment transactions Europe at Barings Real Estate Advisers said: “This acquisition builds on our recent activity to grow our Italian platform and expand our portfolio of assets with core and value add strategies in Northern Italy, as well as demonstrating our ability to source and act quickly on off-market transactions.
“We continue to explore further opportunities to grow the platform through acquisitions and forward funded developments.”