Allianz Real Estate has acquired a prime office asset in the central business district of Milan for €140 million ($154 million) in a sale-leaseback deal with Crédit Agricole Italia. The acquisition has been made on behalf of several Allianz group insurance companies.
The asset, composed of three interconnected buildings facing Via Armorari and Via Cantù, is spread over six floors above ground plus two basement levels with a gross building area of 10,806 square meter (116,000 square feet). Built in the early 20th century and fully refurbished from 2014 to 2019, the building is well positioned in the heart of the city’s financial district.
Allianz Real Estate has acquired the property through an existing fund structure managed by Kryalos SGR. The Via Armorari building will remain one of the most important headquarters of Crédit Agricole Italia, following the signing of a nine-year lease agreement for the entire asset. The agreement secures a long-term cash flow fo
