AXA Real Estate Investment Managers has announced that it has successfully completed the acquisition of the Torre Beta office building in Milan for approximately €30 million (£21 million).
The property was purchased from a fund managed by UBS Real Estate GmBH, on behalf of the Columbus Real Estate Euro Fund, launched and managed by AXA Real Estate Investment Managers SGR, an Italian subsidiary of AXA Real Estate.
The high quality asset, situated the prime central business district of San Donato Milanese, provides 16,300 sq m (175,451 sq ft) of Grade A office accommodation currently let to five separate corporate tenants, predominantly from the financial and energy sectors.
Head of Asset Management & Transactions in Italy at AXA Real Estate, Alessio Lucentini, said: “This is a high quality and well located asset which benefits from strong covenants as well as the opportunity to add value through an active asset management strategy.
“Our acquisition is demonstrative of the importance of having a dedicated in-house local team to successfully identify and acquire core properties in one of the most competitive cities in Italy to create value for our clients.”
“This latest acquisition in Italy is further evidence of our confidence in the long term prospects of the Italian real estate market.”