MILAN-AXA Real Estate Investment Managers says it has acquired for a client, two prime office buildings, totaling 79,000 square feet (24,000sqm), as well as two retail buildings, totaling more than13,000 square feet (4,000sqm), at the Bodio Center business park, in Milan.
The properties were sold by Aberdeen Asset Management, for a price of $83.7 million (€63.9M), and the transaction represents AXA's largest acquisition in Italy since 2010.
The acquired buildings include the Bodio 4 and Bodio 5 office projects, as well as the Le Vela and La Stilo retail buildings. The office buildings are fully-leased to high quality tenants, including a global pharmaceutical company which operates its Italian headquarters from the property.
An additional lease agreement has been reached with an major Italian retail banking chain, to occupy 33,000 square feet (10,000sqm) at Bodio 4 as its corporate headquarters. The retail buildings are also fully-leased to a pair of restaurant operators and a gym, providing useful amenities for the complex's office workers.
The Bodio Center was completed in 2004 and is located in the city's northwest quadrant. It comprises more than 213,000 square feet (65,000sqm) of office-led space in an established business location, which is home to several high-profile domestic and multinational corporations.
“This acquisition shows AXA Real Estate's strong local investment management and execution skills, as well as our ability to attract non domestic capital on relatively large transactions in Italy; this being one of the first by a non-Italian investor since the economic crisis began,” said Alessio Lucentini, head of Italian asset management & transactions said.
Riccardo Dallolio, European head of transactions, added: “The acquisition at the Bodio Center has allowed us to purchase two high quality office buildings in one of Milan's major business districts, let to quality tenants with strong covenants, at an opportune time in the market cycle.”
AXA says it is the leading real estate portfolio and asset manager in Europe, with $59 billion (€45B) of assets under management as at March.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
