AXA IM - Real Assets, a global leader in real asset investments and the leading real estate portfolio and asset manager in Europe, announces that it has completed, on behalf of institutional investors, the acquisition of three prime office buildings within the Bodio Centre business park in Milan, Italy, from CBRE Global Investors, acting on behalf of a separate account client, for c. €83m. This acquisition provides AXA IM - Real Assets with full ownership of the 65,000 m² office-led Bodio Centre, having acquired the remaining two office buildings and two retail assets within the business park, on behalf of clients, back in 2013.
The buildings acquired include Bodio 1, 2 and 3 office schemes, adding to AXA IM - Real Assets’ holding of Bodio 4 and 5 buildings within the same Grade A development. The three latest additions total 30,000 m² of lettable office space let to a high quality line-up of institutional tenants from a variety of industry sectors. Completed in 2005, the buildings offer modern and flexible workspace and access to a range of the park’s facilities, including a 500-space underground car park, landscaped gardens, restaurants and a fitness centre.
The Bodio Centre is located in the city of Milan’s north-west quadrant and forms part of the established Maciachini office sub-market which attracts a high concentration of leading multinational companies. The business park is well served by public transport, including buses, trams and a sub-urban railway line, while it is also easily accessible via road links.
Alessio Lucentini, Local Head of Asset Management & Transactions in Italy at AXA IM - Real Assets, commented: “Having had exposure to the Bodio Centre for the past four years we are now able to extend our commitment to the scheme with confidence on the back of our own positive first-hand experience of the business park’s performance and appeal. Our earlier investment into the Bodio Centre saw AXA IM - Real Assets as one of the first movers back into Southern Europe market. Having reaped the rewards of our first-mover advantage we remain firm believers in the sustainable occupier demand of the Milan office market.”
