BNP Paribas Real Estate is understood to be acquiring an office building at Via Agnello in Milan for a cap rate below 3.5%, PropertyEU has learned.
The asset is being marketed by agent JLL on behalf of its owner, Italian real estate investment trust Aedes.
BNP PRE is believed to be making the purchase on behalf of the Mario Negri pension fund.
The 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 PRE declined to comment on the deal.
Aedes did not respond to an email request for comment.