08 November 2017
Milan
Reporter: Stephanie Palmer

AXA IM - Real Assets makes €44million Milan acquisition


AXA Investment Managers - Real Assets has facilitated the acquisition of a grade-A office building in the Bicocca business district of Northern Milan, for €44 million.

The acquisition was made on behalf of the Columbus Real Estate Euro Fund, a closed-ended real estate fund, from Effepi Real Estate, a fund managed by Generali Real Estate - Società di Gestione del Risparmio.

Refurbished in 2015, the building has six above-ground floors, with parking spaces and a large courtyard. It is six kilometres from Milan’s city centre, on the M5 underground line.

Alessio Lucentini, ‎head of asset management and transactions in Italy at AXA IM - Real Assets, commented: “This acquisition is evidence of our belief in the positive long-term prospects of Milan’s occupational market as well as the supportive underlying investment fundamentals of the wider Italian property sector.”

“The combination of the attractive income profile and strong reversionary rental potential makes the property a natural fit into our diversified Italian portfolio, in what is one of the best performing regions of Italy.”

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