Barings, acting on behalf of the Barings Real Estate European Value Add Fund I, has acquired Corso di Porta Vigentina 9 office building in Milan, Italy. The scheme comprises c.4,000m² of space across four floors above ground and presents an opportunity to redevelop the building into high quality, energy efficient Grade A office accommodation. Further improvements will be made to modernise and enhance the building, including the façade, entrance hall and equipment, to appeal to a diverse range of tenants.
The asset is prominently located in central Milan on the edge of the historical city centre and walking distance from the Piazza Duomo. It also enjoys easy access to public transport, including the n.4 metro line, which is expected to open in 2023. The purchase price was not disclosed.
Valeria Falcone, Managing Director, Real Estate Country Head Italy and Portfolio Manager at Barings, said: “Corso di Porta Vigentina 9 is our fourth value-add transaction in Milan as we continue to capitalise on the high demand and limited availability of quality office space in the city. The office market in Milan is strong and we are confident that by undertaking a comprehensive refurbishment of the building we will be able to let the space at an attractive rent on either a single or multi-let basis.”