AXA Investment Managers - Real Assets completes acquisition of a Grade A office building in Milan for €45 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 U7, a recent office building located in Milanofiori, Italy, from Polis SGR for €45 million. The acquisition was made on behalf of the Columbus Real Estate Euro Fund, (the “Fund”), a closed-ended real estate fund.(2)
Built in 2007, U7 comprises 14,931 sqm of Grade A office space spread across eight above-ground floors, plus 110 underground carpark spaces. The asset, let to seven tenants benefitting from strong covenants, is both modern and functional offering highly flexible floor plates. U7 is strategically located in Assago Milanofiori North, a well-established business district in Southern Milan which appeals to major international occupiers, many of whom have located headquarter offices in the hub, and also offers shops, a multiscreen cinema, hotels and leisure facilities.
Benefitting from excellent accessibility and transport connections, the U7 building is adjacent to the MM2 Assago Milanofiori underground station, while the city’s West Ring Road and A7 motorway are also in the immediate vicinity. Milanofiori North sits just eight kilometres outside of the city centre and 15 kilometres from Linate airport.
Alessio Lucentini, Local Head of Asset Management & Transactions in Italy at AXA IM - Real Assets, commented: “Having first gained exposure to Milanofiori North through our acquisition of the adjacent U10 asset over two years ago, we’ve been impressed by the district’s performance and have confidence in its longer-term prospects, which is what led to us taking the opportunity to make this further commitment through the acquisition of U7.”
“This property adds to the Italian portfolio, we manage on behalf of our clients, which has now reached €1.7 billion, with a significant proportion dedicated to Milan offices, where we remain firm believers in the sustainable occupier demand and where we have been particularly successful in accessing attractive investment opportunities to create value for our clients.”
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1) Source: IP Real Estate Top 100 Investment Management Survey – Nov/Dec 2016
2) Launched and managed by AXA REIM SGR, an Italian regulated subsidiary of AXA IM - Real Assets
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