Macquarie Asset Management, on behalf of a managed account, has acquired an office building in central Milan for €119 million ($123 million), through an Italian real estate fund.
“We have been active in the Italian real estate market for many years now and are really pleased to add this historic property to our local portfolio. Milan is one of the most attractive European gateway cities and we are seeing a lot of opportunity there for higher quality and well-occupied properties,” said Florian Winkle, co-head of Macquarie Asset Management’s core/core-plus real estate strategy.
The historic property in the Porta Romana district spans 20,600 square meters (221,737 square feet) and was previously owned by All Star, a fund managed by Kryalos SGR and sponsored by funds managed by Blackstone. Built in the early 1900s, it was fully renovated in 2020 to incorporate modern design and sustainability standards and has since been awarded a Very Good rating under BREEAM’s
