Savills Investment Management has bought a Milan office complex for €38m ($42m). 

The investment manager bought the asset for its European Commercial Fund, which invests in office and retail.

The fund currently has around €800m in assets under management (AUM), of which approximately 10% is invested in Italy.

Savills IM’s Luxembourg-based management company for institutional investors manages the U4 office complex in Assago.

Tennants include Warner Entertainment, Italiaonline and Hitachi.

Cristiano Ronchi, head of investment Italy at Savills IM, said the property’s key competitive advantage was its transport links, with metro links to Milan city centre and an express train to the Malpensa airport.

The investment manager now has around €1.5bn in AUM.

Kennedy Wilson Europe recently bought its first asset in Italy, investing €185.5m in an office portfolio managed by Savills IM and held in a closed-end real estate vehicle, the Olimpia Investment Fund.