AXA Real Estate Investment Managers SGR announces that it has bought an office building in Rome on behalf of its Core Italian Properties Fund (CIPF).
The office building, acquired from iii-European Property Fund, a fund managed by Internationales Immobilien Institut Gmbh, is situated in the well known prime business district of Eur in Rome. The building provides 5,000 m² of office space and is fully let to a leading European telecoms company. Invesco Real Estate, the asset manager of the iii-European Property Fund, managed the transaction and was assisted by Andrea Sassi of Norton Rose.
The acquisition marks the completion of the Fund's investment phase and will provide a secure cash flow for investors, a key investment criteria for the Fund. CIPF is invested in a diversified portfolio of commercial properties located across Italy including logistics, office and retail properties. The Fund has eight assets under management worth a total of 150 million.
Giorgio Pieralli, Managing Director of AXA Real Estate Investment Manager SGR, CIPF's management company, commented: "The purchase of this attractive office building in Rome completes the investment stage of our Core Italian Properties fund. While we continue to actively manage the CIPF assets, we will also focus our attention on raising funds for our Caesar Fund, a new core fund focused on generating stable returns by acquiring and actively managing prime office assets in established European property markets."
AXA Real Estate was advised by Italian legal firm, Legance, for this transaction. The team at Legance was led by partner, Gabriele Capecchi, and comprised senior counsel, Giuseppe Abbruzzese; senior associate Maria Vittoria La Rosa (administrative law, urban and building issues); and associate, Marino Ghidoni (contractual law).