Savills advises BNP Paribas REIM Italy on central Milan office acquisition

Savills Italy has advised BNP REIM Italy SGR on the off-market acquisition of an office building located in Via Mazzini 9/11, in Milan for EUR100 million.

 The asset, which is located in the heart of the historical and financial centre of Milan in a strategic position between Piazza Duomo and Piazza Missori, benefits from excellent accessibility.
 
The building is arranged over eight floors above ground in addition to two basement levels for a total GLA of about 10,600 sq m.
 
The property, fully leased to a major international co-working company, has been completely refurbished to the highest modern standards only this year, obtaining the LEED Gold Certification for Core&Shell Development.
 
Marco Montosi, Head of Investment, says: “This acquisition confirms strong interest for office product with strong fundamentals and resilient characteristics. We are proud to have assisted BNP REIM in this acquisition started during the lockdown.
 
“With EUR3.6 billion invested in H1 2020, as of today the Italian real estate sector seems to be partially resilient to Covid-19 impact with volumes circa 6 per cent lower than the five years average. The second quarter totalled circa EUR1.9 billion, an higher result once compared to the investment transaction volume recorded in the first quarter (EUR1.7 billion).”
 
Investor interest has been focused on prime office buildings characterised by high level of quality. More than 50 per cent of H1 volumes were focused on offices, with H1 overall volumes in the region of EUR1.9 billion.