Deka Immobilien has acquired an office and commercial building in Milan, for €120 million ($139 million). The seller was IREEF, a fund managed by Invesco.
The property totals 12,000 square meters (129,166 square feet) with 33 parking spaces. It is leased to seven tenants including law firm Clifford Chance.
The first half of the year was positive in the occupier market, with leasing activity slightly increasing in Milan on figures reported for the same period of last year, reported Cushman & Wakefield. Quality, location and work/life balance continue to be the main drivers of demand in the market.
After a weak start of the year, activity increased during the second quarter with recorded take up figures of circa 105,000 square meters (1.1 million square feet, + 67 percent on second quarter 2020), bringing the total volume absorbed for first half to 175,000 square meters (1.9 mi
