Allianz Real Estate has acquired a manage-to-core office complex situated in the heart of Milan’s Central Business District.
Porta Nuova, acquired from an Italian real estate fund backed by Blackstone real estate funds, will be retrofitted into a high-quality, 17,600 sqm core office complex across two buildings. It forms part of a large-scale asset management and redevelopment program by Allianz Real Estate in Italy and across Europe, aimed at creating best-in-class buildings that offer an ideal work-live-play balance and incorporate leading ESG profiles.
On completion, the Porta Nuova asset is expected to obtain LEED Platinum and WELL Gold certifications. It will be EU taxonomy compliant and qualify as a Nearly Zero-Energy Building as defined by the European Commission.
The asset will also meet Carbon Risk Real Estate Monitor (CRREM) sustainability standards and will support Allianz Real Estate’s own target to reduce carbon emissions across its portfolio by 25% by 2025 and be carbon net-zero by 2050.
“We have a strong conviction towards the prime office sector in Milan and expect Porta Nuova to be seen as a best-of-breed asset. Our highly experienced on-the-ground team and strength of local relationships brings significant growth opportunities and we continue to look for further acquisitions in Italy, in both Milan and Rome,” said Donato Saponara, Country Head, Italy, and Head of Transactions West Europe, Allianz Real Estate.
Alexander Gebauer, CEO West Europe, Allianz Real Estate, said: “Our asset redevelopment program is one of the most ambitious in Europe. The focus on sustainability and decarbonization, and the retrofitting of buildings into cutting-edge office spaces, has become fundamental to our own growth and we as a business are responding to this demand with a comprehensive and nuanced approach.”