Allianz Real Estate has acquired a prime office asset in the central business district of Rome for €200 million from Omega Fund, a closed-end real estate fund managed by DeA Capital Real Estate SGR.
The deal is expected to close this summer and follows Allianz’s recent acquisition of an office in Milan as it further expands its footprint in the Italian market.
Arte 25 is a multi-tenant office complex comprised of three separate buildings located in the Esposizione Universale Roma (EUR) area of the Italian capital. Originally built in the 1960s, it has been completely refurbished and is one of only two LEED Platinum certified assets in Rome.
Arranged over 12 floors, it has 30,828 sqm in Gross Lettable Area and is almost fully let to a prime and diversified tenancy base, generating stable and long-term cash-flows.
The EUR has become one of the most important financial and business districts of Rome. Firms with a major presence there include Microsoft, P&G, ENI and Poste Italiane. Initially laid out in the 1930s for the Universal expo, the EUR is also home to monuments such as the Palazzo della Civiltà Italiana and institutions including the Museum of Roman Civilization.
“This transaction confirms our interest on prime office assets in the Italian Market. It represents a rare opportunity to acquire what we see as the very best office asset in Rome. The Italian capital is suffering from a shortage of high quality and modern spaces assets, especially those with the highest environmental certifications. As such, Arte 24 truly stands out in the market,” said Donato Saponara, Head of Transactions for West Europe & Country Head of Italy, Allianz Real Estate. “Looking forward we expect the EUR to continue to attract quality domestic and international tenants over the long term and we are well positioned to capitalise on that demand.”
“We have developed excellent momentum in the Italian market and continue to focus on the very highest quality redevelopments and acquisitions to deliver exceptional outcomes for all stakeholders. Innovation, sustainability and important tenant-use aspects are key to our approach as we grow our presence throughout gateway cities in Europe,” said Alexander Gebauer, CEO for West Europe, Allianz Real Estate.