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AXA Real Estate launches EUR350m Italian regulated fund

AXA Real Estate Investment Managers SGR has launched a EUR350 million Italian regulated fund.

The company has also acquired U10, a prime office building in Milan, Italy, from Brioschi Sviluppo Immobiliare for EUR44.5 million. U10 is the first acquisition AXA Real Estate has made on the fund’s behalf. 
 
The fund, which has a total investment capacity of EUR350 million, is a dedicated investment vehicle established by AXA Real Estate on behalf of AXA Assicurazioni and AXA MPS. The fund’s primary investment focus is on the acquisition of high quality, well-let commercial real estate in Europe.
 
The 13,317 sq m, newly built office building comprises 10 floors and is currently fully let to a number of international institutions. Located in Southern Milan, the asset is strategically situated in the Milanofiori Nord business complex which is one of the largest and most established office developments in the city. The complex is a business hub eight kilometres outside of the city centre, and also includes shops, a multiscreen cinema, hotel and spa.
 
The building has modern and high technical standards. An application has been made for Leadership in Energy & Environmental Design (LEED) certification, which is a globally recognised green building certification.
 
Nathalie Charles, head of asset management and transactions, Southern Europe at AXA Real Estate, says: “Having been a first mover back into the Italian real estate market through our acquisition of the Bodio centre in June last year, this acquisition and the launch of this new Italian focused fund are further evidence of our belief in the positive long term prospects of the Italian real estate market and a noticeable shift in investor sentiment towards the country.”
 
Alessio Lucentini, head of Italian asset management and transactions at AXA Real Estate, says: “This is a high quality and well located asset with a strong tenant line-up and its acquisition is demonstrative of the importance of having a dedicated in-house local team to successfully access off-market deals to create value for clients.”

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