GLL Real Estate Partners has made its first foray in the Italian property market with the acquisition of an office building in Milan's Piazza Firenze.
The asset was bought by GLL on behalf of a fund for Spanish institutional investors from the GO Italia I fund, managed by Dea Capital Real Estate sgr, and invested by Green Oak. Financial details were not disclosed.
GO Italia I launched in October 2016 and currently owns two logistics assets in Northern Italy.
JLL advised DeA Capital Real Estate SGR on the transaction.
'This operation confirms the attractiveness of the Italian real estate market for foreign investors who invest for the first time in our country,' said Silvio Sancilio, head of Office Capital Markets at JLL Italy. 'The entry into Italy of the so-called newcomers is a trend that has characterized the entire 2019 and which we believe will further consolidate in 2020 - not only in the office market but also in other asset classes - and which will be characterized on the one hand by the arrival of new international investment managers, on the other by the arrival of new international capital through investment managers already active in the area.'