BNP Paribas REIM buys office building in Milan

BNP Paribas REIM buys office building in Milan
Photo: Courtesy of BNP Paribas REIM

BNP Paribas REIM Italy SGR, on behalf of a managed real estate fund reserved for investors professional, has acquired a 10,600 sq m office building located in Milan in Via Mazzini 9/11, a few steps from the Duomo.

The asset, built in 1935 and historic headquarters of the Banca Agricola Milanese, was recently the subject of an important redevelopment intervention which has made it possible to create efficient and cutting-edge workspaces pre-certified LEED Gold.

BNP Paribas REIM Italy SGR purchased the property from Savills Investment Management SGR S.p.A. as the management company of the Milan Green Fund real estate fund.

READ ALSO : BNP Paribas REIM launches European healthcare property fund

Vincenzo Nocerino, Chief Investment Officer of BNP Paribas REIM Italy SGR said: “This operation is part of an intense sourcing and analysis of the best activities investment opportunities on the market today that we are creating for our funds in management and which will lead to finalizing important acquisitions over the next few months. Despite the Covid-19 emergency, we are convinced that the Italian core real estate market, and in particular that of Milan and Rome, continue to represent a great opportunity for institutional investors interested in generating returns with a medium-long term perspective.”

For the finalization of the acquisition of the property in Via Mazzini 9/11, BNP Paribas REIM Italy SGR has been supported by Dentons Europe Studio Legale Tributario as legal advisor and REEAS (Yard Group) as technical advisor.