Macquarie Asset Management has purchased Corso Europa 12 office building in Milan, for €63 million, on behalf of its Macquarie GLL pan-European property strategy.
The 6,000m2 office building with retail units on the ground floor is located in Milan’s historic central business district, within a five-minute walk from the Duomo and close to the city’s metro system.
The eight-storey building is leased to four high-grade tenants, including an international law firm and a national consulate, and houses a newly refurbished flexible working space and boutique retailer.
“Milan is one of Europe’s most important financial hubs – home to the largest banking groups, most of Italy’s Fortune 500 countries and the country’s stock exchange. We believe in the long-term need for high-quality office space and see strong potential in Corso Europa 12’s rental growth and its tenants’ ability to attract the best talent,” said Christian Goebel, Co-Head of Macquarie Asset Management’s Real Estate team in Europe.