Invesco Real Estate has acquired the Time Building, a fully renovated office property located in a consolidated office location close to the Porta Nuova district, the new central business district (CBD) in Milan, Italy. The acquisition was made on behalf of IRE’s flagship pan-European strategy, as part of its acquisition programme for its actively managed portfolio.
Paddy Bingham, IRE’s managing director - fund management commented: “We are delighted to have acquired this remarkable asset which complements the strategy’s portfolio well by continuing to focus on strong real estate fundamentals of a good quality property in an excellent location. This is the strategy’s second acquisition in Milan, following Via Broletto and marks our commitment to the Milanese office market. GDP growth in Milan is forecast to consistently outpace Italy as a whole and there is an increasing demand for grade-A office assets in the CBD.”
The Time Building is located at the edge of the Porta Nuova area, adjacent to the central railway station in an established office location. The recently renovated property consists of a 9-storey building with 1,446m². Approximately 50% of the spaces are already let to IMS Health, a global information and technology services company in the healthcare industry, that will relocate its headquarters to the Time Building in the upcoming weeks.
Carlo Romanò, Invesco Real Estate’s director – transactions, Italy said: “It is extremely rare to find grade-A properties with this quality and top facilities in central Milan. The building will also feature a US Green Building Council pre-certification and has achieved the LEED Platinum certification. All the above we believe will make the Time Building a compelling relocation opportunity for corporates looking in the area.”
