Axa Investment Managers - Real Assets has bought the Assago Building in Milan on behalf of clients for about €27m ($29m).
The seller was the Sireo Immobilienfonds managed by Cologne-based Corpus Sireo, a leading real estate asset management firm in Germany and owned by Swiss Life.
The Assago Building, located in the Milanofiori business district, comprises a total lettable area of 19,500 sq m spread across five floors and with underground parking facilities. The property is fully let to a global management consultancy firm.
Axa IM - Real Assets has acquired two other office buildings in Milan over the past six months, Via Battistotti Sassi, 11, and Torre Beta. Other recent transactions have included the €180m acquisition of a portfolio of hospital facilities in northern Italy in November 2015 (IAR, 20 November 2015, Axa IM buys €180m Italian hospital portfolio).
Alessio Lucentini, head of Italian asset management and transactions, real assets, said: "The Assago building is our second acquisition in this leading business district and illustrates our commitment to investing in assets that have good fundamentals, are well located, and that attract long-term and strong covenants."
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People:Alessio Lucentini