Deal News: Acquisition of Milan office building for €22 million
Acquisition of Milan office building for €22 million
AXA Investment Managers - Real Assets has completed, on behalf of one of its clients, the acquisition of an office building located in Viale Sarca in Milan, Italy, for €22 million.
The c. 14,200 sqm of GLA office building comprises 10 above ground floors and two basement levels in addition to a 114-space underground car park. Located in the Bicocca Business District, one of the most dynamic office districts in Milan, the building benefits from excellent accessibility located in close proximity to a metro station, which links Bicocca with Milan’s city centre and the major Porta Garibaldi train station in just a few minutes.
A full refurbishment of the building will be undertaken in 2018-19, with the aim of enhancing its quality to Grade A standard and to achieve a LEED Certification. Delivery is expected in Q1 2020, following which the completed property will be marketed to prospective new tenants.
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