Barings has acquired Viale Cassala 22, a mixed-use office and retail building in Milan, Italy, on behalf of institutional investors. The newly acquired, Viale Cassala 22 provides ca. 8,700m² of space, offering 50% retail and 50% office accommodation. The retail area is currently fully let while the offices are set to be redeveloped into high quality, energy efficient Grade A space. Further improvements will be made to the facade, entrance hall and external areas to modernise the building and ensure its potential is optimised. The purchase price was not disclosed.
The asset is prominently located in a busy part of central Milan that benefits from excellent visibility and connectivity with the local railway system, which is regularly used by commuters. The metro station "Romolo" is only 300 metres away and from here, it is nine stops to Milano Centrale station and four stops to the city centre. The area is also home to a number of renowned educational institutions and considered one of the most vibrant parts of the city.
Valeria Falcone, Managing Director, Real Estate Country Head Italy and Portfolio Manager at Barings, said: “Via Cassala 22 is our third value-add transaction in Milan, having previously acquired Via Pola and Via Ceresio. The asset has great visibility on the internal ring road and sits close to Romolo tube station, one stop from Porta Genova. The area is growing with undersupplied demand for Grade A office space. We will look to unlock the potential of the asset through an active redevelopment programme that will modernise the asset and offer tenants a contemporary, fit-for-purpose space.”