Axa Real Estate Investment Managers has completed the acquisition of Torre Beta, a core office building in Milan, from a fund managed by UBS Real Estate for about €30m ($32.7m).
The acquisition was made on behalf of the Columbus real estate euro fund, a closed-end real estate alternative investment fund, launched and managed by Axa Real Estate Investment Managers, an Italian-regulated subsidiary of Axa Real Estate.
Located in a prime location within the central business district of San Donato Milanese, the asset comprises 16,300 sq m of grade A office accommodation spread across 10 floors. The building is currently fully let to five separate corporate tenants, primarily from the financial services and energy sectors.
"This latest acquisition in Italy is further evidence of our confidence in the long-term prospects of the Italian real estate market," said Alessio Lucentini, head of asset management and transactions in Italy at Axa Real Estate.