Barings fund sells office in Milan for €136m
Barings Real Estate European Value Add Fund, a fund advised by Barings, has sold 9-11 Via Pola, an office property in Milan, for €136 million ($149 million).
“This transaction marks the first ‘turn around’ and sale of a value-add asset that we advised on in Italy on behalf of our pan-European value-add investment strategy,” said Gunther Deutsch, managing director, head of real estate transactions – Europe. “With a sizeable pipeline and additional assets to be sold in the coming months, we look for ways to continue to demonstrate our commitment in this market. We remain interested in identifying assets from core+ to value-add in the office, logistics and high-street retail sectors.”
The property is a 16,500-square-meter (177,605-square-foot) prime office building, located in the central business district of Porta Nuova, Milan. The building was acquired in December 2016 by an Alternative Investment Fund managed by an Italian SGR, fully subscribed by Barin