Perial Asset Management has purchased the Urban Cube office building located on avenue Sarca in Milan on behalf of the SCPI PFO2 fund for €80 million.
Perial AM said this transaction is the fund’s second in Italy.
The office building is located in the heart of the Bicocca district, a rapidly changing district located 20 minutes from downtown Milan by metro.
The building will offer approximately 16,000 m² of offices, divided into R+11 with 2 basement levels offering around a hundred parking spaces.
It is fully leased to a national economic and financial newspaper Il Sole 24 Ore, under a closed 10-year lease that took effect in 2021.
”The acquisition of “Urban Cube” marks the return of the SCPI PFO2 to Italy and particularly to Milan , five years after its first on the territory. It illustrates our confidence in this dynamic European market within Bicocca, the first consolidated market in Milan after the CBD. It benefits from a consolidated mixed environment (residential, student, tertiary), attractive for many head offices by its accessibility and its immediate proximity to the city center. This asset is perfectly in line with our ESG strategy due to its environment, its services and the quality of this new building certified lead Gold Core and Shell,” said Stéphane Collange, Investment Director of Perial AM.