TH Real Estate has acquired an office complex in Milan for around €100 mln, through the subscription of quotas in an Italian real estate fund managed by asset manager Antirion, from Brioschi Sviluppo Immobiliare.
The Via Darwin complex, a well-established office and university campus consisting of 15 buildings totalling 26,917 m2, was acquired on behalf of TH Real Estate's European Cities Fund.
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.
'Via Darwin consists of good-quality buildings and has a strong and well-diversified tenant mix,' said Liz Sworn, co-fund manager for the European Cities Fund.
'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 first acquisition of Meraville Retail Park, one of Italy’s largest retail parks, located in Bologna. Via Darwin represents the third office asset, accompanying The Warehouse in Amsterdam and The Cube project under development by CA Immo in Berlin.
'Milan is the most attractive place for businesses, outpacing other Italian cities,' said Mario Pellò, TH Real Estate's head of investment, Italy. 'Via Darwin is located in the semi-centre submarket in the south of Milan. This area has become a desirable location for businesses looking for a variety of office space with several banks, corporations and public institutions having offices in the area.'
The European Cities Fund focuses on investing in high-quality assets in leading cities that are well-positioned in terms of long-term structural trends, including demographic change, urbanisation and technology.