BNP Paribas REIM snaps up €42m Milan office scheme

BNP Paribas REIM has acquired a state-of-the-art office complex at Viale Stelvio 55 in Milan for around €42 mln.

The vendor of the asset, which is fully occupied by Intesa Sanpaolo's insurance arm, is understood to be the Italian Manuli family.

Designed by the architects Rolando Gantes and Roberto Morisi, the property features almost 15,000 m2 of total office area. BNP Paribas REIM has bought the asset on behalf of its Fundamenta real estate fund, a separate account for BNP Paribas Cardif for their core investments in Italy.

BNP Paribas REIM was advised by law firm Orrick, Herrington & Sutcliffe and by technical advisor Real Estate Asset & Assurance Service (REAAS).



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