Deka Immobilien acquires office building in Milan (DE/IT)

Deka Immobilien Investment GmbH has increased its holding in Italy with an acquisition in Milan. For slightly above € 93 million it has acquired the office building “Via G.B. Pirelli 35“, which is situated in the city´s center. The property was sold by a real estate company belonging to Whitehall Funds and is the operational headquarters of Telecom Italia, with whom there is a long-term contract.

The E-shaped office building erected in the 1960s has 10 storeys comprising some 29,000 m² of rented floor space and parking space for 60 cars. The Via Pirelli property is not only very centrally situated but its value could also increase substantially in the near future with the implementation of a major town-development project in the neighbourhood.

By virtue of its wide range of businesses and good infrastructure Milan has established itself as Italy’s most important business location. With approximately 10 million m² of office space the north Italian metropolis is the major national office market and more than 400,000 firms have located their head office there. The most important growth sectors comprise information and telecommunications technology, publishing and electrical engineering. With its many banks and the Milan stock exchange the Lombardy capital is Italy’s most important financial centre and is also one of the most important European cities hosting trade fairs.

The newly acquired office property will be placed in the portfolio of Deka-Immo-bilienEuropa, which has a current value of € 9.7 billion. In Germany Deka Immobilien is the market leader in the open-ended real estate funds segment and is currently managing total assets in the value of some € 19 billion in three investment funds open to the general public and eight for institutional investors.

Source: DekaBank

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