AXA Real Estate Investment Managers SGR, an affiliate of AXA Real Estate Investment Managers announced the launch of a new €350 million Italian regulated fund (the “Fund”) and the €44.5 million acquisition of U10, a prime office building in Milan, Italy from Brioschi Sviluppo Immobiliare, one of Italy’s leading property developers. U10 is the first acquisition AXA Real Estate has made on the Fund’s behalf.
The Fund, which has a total investment capacity of €350 million is a dedicated investment vehicle established by AXA Real Estate on behalf of AXA Assicurazioni and AXA MPS. The Fund’s primary investment focus is on the acquisition of high quality, well-let commercial real estate in Europe.
The 13,317 m², newly built office building comprises 10 floors and is currently fully let to a number of international institutions. Located in Southern Milan, the asset is strategically situated in the Milanofiori Nord business complex which is one of the largest and most established office developments in the city. The complex is a business hub eight kilometers outside of the city center, and also includes shops, a multiscreen cinema, hotel and spa.
The building has modern and high technical standards. An application has been made for Leadership in Energy & Environmental Design (‘LEED’) certification, which is a globally recognized green building certification that acknowledges best-in-class energy and environmental strategies and practices.
Nathalie Charles, Head of Asset Management & Transactions, Southern Europe at AXA Real Estate, said: “Having been a first mover back into the Italian real estate market through our acquisition of the Bodio center in June last year, this acquisition and the launch of this new Italian focused fund are further evidence of our belief in the positive long term prospects of the Italian real estate market and a noticeable shift in investor sentiment towards the country.”
Alessio Lucentini, Head of Italian Asset Management and Transactions at AXA Real Estate, added: “This is a high quality and well located asset with a strong tenant line-up and its acquisition is demonstrative of the importance of having a dedicated in-house local team to successfully access off-market deals to create value for clients.”
Source: AXA Real Estate