AXA Investment Managers - Real Assets (AXA IMRA) has completed, on behalf of one of its clients, the acquisition of an office building located in Viale Sarca in Milan, Italy, for €22 mln.
The 14,200 m2 office building comprises 10 above-ground floors and two basement levels in addition to a 114-space underground car park. It is located in the Bicocca Business District, close to a metro station, which links Bicocca with Milan’s city centre and the Porta Garibaldi train station.
According to AXA IMRA, a full refurbishment of the building will be undertaken in 2018-19, with the aim of enhancing its quality to Grade A standard and to achieve a LEED Certification.
Delivery is expected in Q1 2020, after which the completed property will be marketed to prospective new tenants.