Invesco Real Estate has acquired Palazzo Turati located at Via Meravigli 7, a c. 9,400m² prime office building in the heart of Milan’s Central Business District. The building is fully let to Milan Chamber of Commerce and related entities, which have occupied the site since 1954. The complex was built in 1873 and underwent a massive programme of refurbishment in 2015. It benefits from easy access by private and public transport and close proximity to the Milan Stock Exchange. The seven-storey building Palazzo Turati comprises large floorplates of c. 1,600m², a large roof terrace and one underground level. The asset also boasts an impressive historical facade and a 600m² space on the first floor with frescos, boiserie, roof decoration and precious paintings. The purchase price was not disclosed.
”Via Meravigli 7 is an exceptionally well-located cornerstone asset in the heart of Milan ’s CBD right next to Piazza Cordusio, Milan’s most renowned office area,” said Carlo Romano, Director – Transactions, Italy at Invesco. “Demand for grade A office space in Milan continues to be strong amid tight supply conditions, so we are very pleased to have been able to secure this asset.”
“Our strong local presence has delivered once again, adding this, our fourth high-quality asset in Milan to the pan-European core strategy,” said Jonathan Pierce, Senior Director – Fund Management at Invesco. “The overall scale and foundations of our core strategy facilitate a portfolio approach, enabling us to acquire shorter income at an appropriate price, whilst ensuring any risk is mitigated through the fundamentals of location and building quality.”
