TH Real Estate has acquired an office complex located at Via Darwin in Milan, Italy for €100 mln from Brioschi Sviluppo Immobiliare.
The deal, which was made through the subscription of units in an Italian real estate fund managed by Antirion SGR SpA, is earmarked for TH's European Cities Fund.
Via Darwin is a well-established office and university campus comprising of 15 buildings totalling 26,917 m2, located in the Navigli area. The complex is home to 19th-century buildings, leased by the university Nuova Accademia di Belle Arti (NABA), and modern buildings occupied by a variety of office tenants, predominantly in the media, advertising and technology industry.
Liz Sworn, co-fund manager for the European Cities Fund, commented: 'Via Darwin consists of good-quality buildings and has a strong and well-diversified tenant mix. The asset has produced a stable income and there is an attractive pricing advantage compared to CBD offices. We believe this acquisition is a great fit for the fund and embodies one of our strategies of investing in up-and-coming regeneration areas in Europe.'
Via Darwin is the eighth acquisition for the fund, and the second asset in Italy, following the purchase of the Meraville retail park in Bologna. Via Darwin represents the fund's third office asset, together with The Warehouse in Amsterdam and The Cube project under development by CA Immo in the heart of Berlin.