Allianz has acquired a multi-tenant, prime office complex in the Tortona district in Milan for EUR83 million from BNP Paribas SGR p.A. The landmark Tortona 33 asset is composed of two adjacent buildings over 19,275 sqm – Ares Tower and Athena Tower – and has been acquired by Allianz Real Estate on behalf of several Allianz insurance companies.
The investment will provide a secure income from the Ares tower, which enjoys LEED platinum certification, and the possibility to unlock further value from the Athena tower through a planned redevelopment project.
The Tortona district is one of Milan’s fast-emerging, most dynamic areas. Historically linked to the design and fashion sectors, the district is set to grow further due to a new metro line opening in 2022 and the Porta Genova urban regeneration project.
Recent other deals in Italy for Allianz Real Estate include the acquisition of a logistics hub in Northern Italy in November last year and the new ENI Headquarter in Milan.
“The Tortona 33 acquisition perfectly fits our appetite for investments in prime office assets in Milan which offer a great risk/ return profile through active asset management,” said Donato Saponara, Head of Italy and Head of Transactions for Western Europe, Allianz Real Estate. “We continue to pursue our Italian investment strategy based on selective acquisitions in office, logistics, retail and alternatives sectors, directly or with partners, focusing on high-quality assets in resilient locations which can offer long-term value to our investors.”