French asset manager Perial AM has acquired a mixed-use building in Milan from Italian fund InvestiRE for €38 mln.
The property, with a leaseable area of 17,000 m2, is fully let on a long-term lease to French car manufacturer Groupe PSA.
It is currently used as PSA's office headquarters and as a showroom for auto brands Peugeot, Citroën and DS. It is also the group's commercial and technical training centre.
'After expanding on the German market, this acquisition in Italy strengthens our strategy in terms of diversification in the Euro zone, especially in dynamic conurbations.” explains Yann Guivarc’h, Perial AM's managing director.
Perial made its debut purchase in Germany in February, acquiring an office portfolio in the Hesse region from Patrizia Immobilien for €116 mln.
The Milan asset is located in the Portello area of the city, near the City Life complex.
The vendor was advised by Cushman & Wakefield, while Perial AM was advised by Internos Global Investors and Gitti & Partners.
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