ING Real Estate Investment Management Italy has acquired three office buildings (Bodio 1-2-3) in Milan from the German open-ended fund Deutsche Gesellschaft für Immobilienfonds (DEGI) for a total purchase price of €152 million. Contracts were executed at the end of 2006, and the Bodio property will be added to the portfolio of ING Insurance. In addition, the deal represents Italy's largest single office transaction for 2006.
The three buildings have a total lettable area of approximately 36,000 m² and form part of the Bodio Centre, located northwest of the central business district within the Milan Semi Centre. The buildings have been constructed to a high standard of specification, which exceeds the quality commonly available in the market.
The Bodio Centre, which was developed in 2003 by Europa Risorse and Doughty Hanson & Co., is best known in the Milan market as being the first purpose-built business park within the urban perimeter. The office development complex comprises a total of 5 office buildings and 2 service buildings covering approximately 64,900 m² of area, including underground car parking, restaurant, and fitness centre facilities. Cushman & Wakefield represented ING Real Estate Investment Management in the acquisition.
"The Bodio Centre acquisition demonstrates our confidence in the Milan office market and takes our assets under management in Italy to over €1 billion," said Florencio Beccar, Managing Director, ING Real Estate Investment Management Italy.
"The Bodio transaction takes the total acquired by ING Real Estate Investment Management Europe on behalf of its European and international clients to over €3 billion during 2006," said William Rowson, Head of Acquisitions, ING Real Estate Investment Management Europe.
Source: ING Real Estate