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Acquisition of Grade-A office building in Milan

Acquisition of Grade-A office building in Milan

Press Release
08 November 2017

AXA Investment Managers - Real Assets completes acquisition of Grade-A office building in Milan for c. €44 million

AXA Investment Managers - Real Assets (“AXA IM - Real Assets”), a global leader in real assets investment and the leading(1) real estate portfolio and asset manager in Europe, announces that it has completed the acquisition of a Grade-A office building, located in the dynamic Bicocca business district of Northern Milan, Italy, for c. €44 million. Acquired from Effepi Real Estate, a fund managed by Generali Real Estate S.p.A. - Società di Gestione del Risparmio, the acquisition was made on behalf of the Columbus Real Estate Euro Fund, a closed-ended real estate fund(2). The building is let to a global financial institution.

Extensively refurbished in 2015, the building comprises six above-ground floors, with 215 internal and external parking spaces. The energy efficient and modern property includes flexible floor plates and benefits from good natural light and a large courtyard.

Bicocca is one of the fastest growing consolidated business districts in Milan, having undergone a significant urban regeneration programme delivering more than 1.3m sqm of new space, in addition to improved vehicular and public transport infrastructure providing excellent occupier accessibility. The new M5 underground line connects the building to Milan’s city centre, just six kilometres away, and the area is also close to the ring roads that provide quick access to the Turin-Venice motorway and Linate airport.

The district is home to a number of major international and national occupiers, as well as the Bicocca University of Milan. The densely populated residential area offers a range of amenities including the Bicocca Village shopping centre, Hangar Bicocca showroom and Arcimboldi theatre.

Alessio Lucentini, ‎ Head of Asset Management & 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.”

– ENDS –

1) Source: INREV/ANREV Fund Manager Survey – May 2017 - in terms of assets under management
2) Launched and managed by AXA REIM SGR, an Italian regulated subsidiary of AXA IM - Real Assets. AXA REIM SGR is a company governed by the laws of Italy, with registered address at Corso di Porta Romana n. 68, 20122 Milan, registered with Milan company's register under number 04900020969 and duly authorized by the Bank of Italy to manage alternative investment funds and enrolled under No. 84 with the Register of Fund Management Companies, section Alternative Investment Fund Managers, held by the Bank of Italy pursuant to article 35, first paragraph, of the Legislative Decree no. 58 of 24 February 1998.

 

Press Contacts

AXA Investment Managers - Real Assets
Charline Coué, Media Relations Manager
Jocelyne Tamssom, Head of Communications
Tel: +33 1 44 45 97 95
PressOfficeAXAIMRealAssets@axa-im.com

FTI Consulting Inc.
Richard Sunderland, Richard Gotla, Ellie Sweeney, Tom Gough
Tél: +44 20 3727 1000
AXAIMRealAssets@fticonsulting.com

Note to editors

AXA Investment Managers is an active, long-term, global, multi-asset investor focused on enabling more people to harness the power of investing to meeting their financial goals. By combining investment insight and innovation with robust risk monitoring, we have become one of the largest asset managers in Europe with ambitions to become the chosen investment partner of investors around the world. With approximately €735 billion(1) in assets under management as of end June 2017, AXA IM employs over 2,450 people based in 29 offices around the world.

AXA Investment Managers - Real Assets has over €71 billion in assets under management, including €54.5 billion in direct property & infrastructure and €13.6 billion in real asset finance as of end of June 2017(2). We offer a 360° approach to investing in real assets, which comprises opportunities in equity or debt, across different geographies and sectors, as well as via private or listed instruments. We are a global leader in real assets investment, the number one property portfolio and asset manager in Europe(3), and one of the largest worldwide. Our teams have been managing funds and mandates for over 30 years and comprise about 650 people in 15 offices that operate in over 20 countries around the world, which provide us with in-depth knowledge of countries, cities and sectors.

AXA Investment Managers is part of the AXA Group, a global leader in financial protection and wealth management.

Visit our websites: www.axa-im.com / https://realassets.axa-im.com

Follow us on Twitter @AXAIM / @AXAIMRealAssets to get our latest information

 

1 Source: AXA IM unaudited data as of end of June 2017
2 Source: AXA IM - Real Assets’ unaudited data as of end of June 2017
3 Source: INREV/ANREV Fund Manager Survey – May 2017 in terms of assets under management

 

This document is aimed solely at the media and is for information purposes only. The opinions expressed here are the views of the author and do not constitute investment advice. This is not a recommendation to purchase, sell or subscribe to financial instruments, an offer to sell investment funds or an offer of financial services. This press release is as dated. They do not necessarily represent the views of any company within the AXA Investment Managers Group and may be subject to change without notice. This does not constitute a Financial Promotion as defined by applicable laws and regulation and is for information purposes only.  No financial decisions should be made on the basis of the information provided. Information regarding the background and personnel of AXA IM - Real Assets is provided for information purposes only.

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