German fund manager Warburg-HIH Invest Real Estate has sold a Milan office to Spanish listed company COIMA RES.

The Italian real estate investment trust (REIT) paid €46m for the complex.

The prime asset, in the north east of the Italian city, is made up of two buildings totalling 13,650sqm.

The asset is fully let to BNL-BNP Paribas and produces €3.5m in annual rental income.

TH Real Estate, which sold the property for Warburg-HIH Invest Real Estate, said it has also sold a retail asset in Asti, as reported last month.

The Nuovo Borgo Shopping Centre was bought by Barings Real Estate Advisers for €51.5m as its Italian debut.

The 16,976sqm centre is let to Mediaworld, Calzedonia, OVS and Pandora.

The deal followed Barings’ first Italian investment in December.