AXA IMRA acquired the property on behalf of the Italian closed-end Columbus Real Estate Euro fund. The vendor was Effepi Real Estate, a fund managed by Generali Real Estate. 

Extensively refurbished in 2015, the building comprises six above-ground floors, with 215 internal and external parking spaces. The energy efficient and modern property includes flexible floor plates and benefits from good natural light and a large courtyard. The building is fully let to a global financial institution.

Bicocca is one of the fastest growing consolidated business districts in Milan, having undergone a significant urban regeneration programme delivering more than 1.3 million m2 of new space, in addition to improved vehicular and public transport infrastructure providing excellent occupier accessibility. The new M5 underground line connects the building to Milan’s city centre, just six kilometres away, and the area is also close to the ring roads that provide quick access to the Turin-Venice motorway and Linate airport.

The district is home to a number of major international and national occupiers, as well as the Bicocca University of Milan. The densely populated residential area offers a range of amenities including the Bicocca Village shopping centre, Hangar Bicocca showroom and Arcimboldi theatre.

Alessio Lucentini, ‎ head of asset management & transactions in Italy at AXA IMRA, commented: 'This acquisition is evidence of our belief in the positive long term prospects of Milan’s occupational market as well as the supportive underlying investment fundamentals of the wider Italian property sector. The combination of the attractive income profile and strong reversionary rental potential makes the property a natural fit into our diversified Italian portfolio, in what is one of the best performing regions of Italy.'

This was the second large acquisition in Bicocca this year. In April, Aviva Investors Real Estate France purchased a 14,942 m2 office building in the area from BNP Paribas Real Estate Investment Management.