BNP Paribas Real Estate's investment management arm has confirmed the acquisition of an office building at Via Agnello in Milan's central business district, as reported by PropertyEU last month.
PropertyEU first reported in June that Italian real estate investment trust Aedes had sold the asset through agent JLL for around €50 mln, reflecting a cap rate below 3.5%.
According to well-informed market sources, BNP Paribas REIM is making the purchase on behalf of the Mario Negri pension fund.
Built in the 1940s, the fully-let scheme provides around 4,400 m2 of space including retail accommodation on the ground floor. The office space is leased to several tenants including law firm NCTM.
BNP Paribas REIM was advised by law firm Legance Avvocati Associati and by technical advisor REAAS.
The deal brings the total investment by BNP Paribas REIM in Italy so far this year to around €260 mln across three properties in Rome and Milan.