Allianz Real Estate has invested in the Italian office property market. "We have acquired nearly 95% indirect interest in two office buildings, one in Milan and another in Rome, managed by Morgan Stanley SGR" announced Mauro Montagner, CEO of Allianz Real Estate Italy. Terms of the transaction were not disclosed.
The office building in Milan is located in the Central Business District of the North Italian financial and commercial center. The tenants are Deutsche Bank and fashion houses Brioni and Kiton. Including about 8,300 m² of office space, the building was completely refurbished between 2010 and 2012, and recently received LEED Gold certification. The building in Rome is situated in the Ostiense area, south of the center. The sole tenant of this building, measuring some 5,600 m², is Italian utility company Acea.
"This year we plan to invest up to €500 million in Italian properties," declared Mauro Montagner. "Despite the financial difficulties, we believe that the property market in Italy presents interesting investment opportunities."
Source: Allianz Real Estate