European asset manager Amundi has invested €120.5 million to acquire an office building in via Mazzini in the heart of Milan, near the Cathedral. The entire asset is let to WeWork.
The 11,200 sq m, ten-storey building, which for many decades was the headquarters of the Banca Agricola Milanese, was built in the early 1930s and was completely renovated in 2020. The historic façade was preserved but new flexible interiors were created in line with the highest international sustainability standards and the courtyard was converted into a garden. The building now has a LEED2 Gold certification.
The acquisition is the seventeenth investment for Amundi’s Nexus 1 fund, which is now close to its €1 billion target. The fund aims for a balanced mix of income generation and high liquidity and it focuses on high-quality, architecturally significant and sustainable buildings with a variety of occupiers to diversify risk.
“The Nexus 1 fund has a strong track record and represents a diversified investment solution that is easily accessible and ideal for both domestic and foreign institutional investors interested in core assets,” said Giovanni Di Corato, CEO, Amundi Real Estate Italia.
“Our most recent acquisitions, which have internationally recognised certifications, demonstrate how important ESG factors are in our investment choices,” Di Corato said. “We’ll continue to select assets that have been upgraded, are socially and environmentally sustainable and can add value to the city.”
Amundi’s last acquisition for Nexus1 was an office building in the Bicocca Business District of Milan, which had been upgraded in 2017 and granted LEED Platinum certification. The 16,000 sq m 12-storey asset was bought in 2021 for €82.5 million.