PARIS, 6-1-2016 — /EuropaWire/ — AXA Investment Managers – Real Assets (“AXA IM – Real Assets) announces that it has completed, on behalf of its clients, the acquisition of the Assago Building, an office asset in Milan, Italy, from Sireo Immobilienfond for c. €27 million as part of its value-add strategy.
The Assago Building, located in the Milanofiori business district, comprises a total lettable area of 19,500 sqm spread across five above-ground floors plus underground parking facilities. The property, originally built in the 1980s but extensively refurbished over the years, is fully let to a global management consultancy firm as a major regional operational centre.
Situated in Southern Milan, 10 km from the city centre, the asset is strategically situated in the Milanofiori business complex, which is one of Italy’s largest and most established office locations. Milanofiori offers an extensive range of amenities including conference and meeting centres, a shopping centre, two hotels, and sport and leisure facilities. The Assago Building benefits from a prime position within the complex, situated in the immediate vicinity of the Milanofiori Metro station, offering quick transport links to the city centre and surrounding areas.
This transaction builds on the momentum of AXA IM – Real Assets’ recent activities in the Italian real estate market, and adds to its portfolio of Milan-based office assets having acquired Via Battistotti Sassi, 11 and Torre Beta, two further office buildings in the city, over the past six months. Investing across the full spectrum of the sector, other recent acquisitions include the €180 million acquisition of a portfolio of hospital facilities in Northern Italy in November 2015.
Alessio Lucentini, Head of Italian Asset Management & Transactions, Real Assets, said: “The Assago building is our second acquisition in this leading business district and illustrates our commitment to investing in assets that have good fundamentals, are well located, and that attract long-term and strong covenants. Furthermore, the diversified range of assets that we’ve added to our Italian portfolio over the past year demonstrates both the expertise of our expert local team in sourcing value-enhancing investment opportunities to create value for our clients as well as our conviction in the prospects for this market.”
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1 Source: INREV Survey 2014 published in May 2015
FTI Consulting Inc.
Richard Sunderland, Tom Gough, Ellie Sweeney, Clare Glynn
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Note to editors
AXA Investment Managers is an active, long-term, global, multi-asset investor focused on enabling more people to harness the power of investing to meeting their financial goals. By combining investment insight and innovation with robust risk management, we have become one of the largest asset managers in Europe with ambitions to become the chosen investment partner of investors around the world. With approximately €669 billion in assets under management as of end September 2015, AXA IM employs over 2,300 people in 28 offices around the world.
AXA Investment Managers – Real Assets brings together €64 billion in assets under management, including €50.4 billion in direct property & infrastructure and €11.7 billion in real asset finance as of end of September 2015. We offer a 360° view of real asset markets, investing in both equity and debt, across different geographies and sectors, and via private and listed instruments. We are the number one property portfolio and asset manager in Europe, and among the largest worldwide(1). Our teams have 30 years’ experience managing funds and mandates. They comprise about 600 people in 14 offices around the world, operating in 24 countries and providing us with in-depth knowledge of countries, cities and sectors.
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SOURCE: AXA Investment Managers