AXA IM - Real Assets buys in Milan
AXA IM - Real Assets has acquired the Via della Chiusa 2 office complex in the historic center of Milan as part of a share deal. The purchase price amounts to approximately 120 million euros.
AXA Investment Managers - Real Assets (AXA IM - Real Assets) acquired the Milan property on behalf of a client. It is part of a value-add strategy that sees value-enhancing refurbishment potential in the property. The building ensemble Via della Chiusa 2 comprises two independent properties with four and six floors respectively, as well as two underground floors with 122 car parking spaces. The office space amounts to 25,000 square meters.
This August, the anchor tenant, which currently occupies 70 percent of the space, will leave the building on Via della Chiusa. Axa IM - Real Assets then plans to extensively remodel the property and offer flexible space sizes in standard grade A in the future.
According to Alessio Lucentini, Head of Asset Management & Transactions in Italy, AXA IM - Real Assets has invested over 1.6 billion euros in Italy over the past three years, with 700 million invested in office properties in Milan alone. This is in line with the company's positive view of the Italian real estate market in the long term, Lucentini said, which is supported by sustained tenant demand in Milan's financial center. (mr)
