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Transactions - JULY 31, 2020

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BNP REIM pays €100m for central Milan office building

by Released

BNP REIM Italy SGR has acquired an office building located in Via Mazzini 9/11 in Milan for €100 million ($118 million).

The asset, which is located in the heart of the historical and financial center of Milan in a strategic position between Piazza Duomo and Piazza Missori, benefits from excellent accessibility.

The building is arranged over eight floors above ground in addition to two basement levels for a total gross leasable area of about 10,600 square meters (114,000 square feet)

The property, fully leased to a major international co-working company, has been completely refurbished to the highest modern standards only this year, obtaining the LEED Gold Certification for Core & Shell Development.

“With €3.6 billion [$4.3 billion] invested in the first half 2020, as of today the Italian real estate sector seems to be partially resilient to COVID-19 impact, with volumes circa 6 percent lower than the five years average. The second quarter tota

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