Macquarie Asset Management has paid €119 million for the 20,600 m2 office building in central Milan through an Italian real estate fund.
The investment was on behalf of a managed account.
The historic property, located in the Porta Romana district, was previously owned by All Star, a fund managed by Kryalos SGR and sponsored by funds managed by Blackstone.
Built in the early 1900s it was fully renovated in 2020 to incorporate modern design and sustainability standards and has since been awarded a ‘Very Good’ rating under BREEAM’s sustainable building certification scheme.
The iconic property, which is divided vertically over three blocks, offers tenants flexible and efficient floorplans. It is fully leased to a diverse mix of tenants active in the fintech, green energy, and food and beverage sectors.
The Porta Romana district is a dynamic business and residential neighbourhood, benefitting from great local amenities and connectivity via the city’s metro. The area is undergoing urban regeneration and is expected to accommodate some of the key facilities for the Winter Olympic Games in 2026.
Florian Winkle, Co-Head of Macquarie Asset Management’s Core/Core-Plus Real Estate strategy, said: “We have been active in the Italian real estate market for many years now and are really pleased to add this historic property to our local portfolio. Milan is one of the most attractive European gateway cities and we are seeing a lot of opportunity there for higher quality and well-occupied properties.”
This acquisition follows a suite of recent activity in the country including the acquisition of Corso Europa 12 in Milan for €63 million.