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Macquarie makes €63m office property investment in Italy
Australia’s Macquarie Asset Management, on behalf of its Macquarie GLL pan-European property strategy, has acquired Corso Europa 12 in Milan for €63 million.
The 6,000m2 office building with retail units on the ground floor is located in Milan’s historic central business district, within a five-minute walk from the Duomo and close to the city’s metro system. The eight-storey building is leased to four high-grade tenants, including an international law firm and a national consulate, and houses a newly refurbished flexible working space and boutique retailer.
Christian Goebel, Co-Head of Macquarie Asset Management’s Real Estate team in Europe, said: “Milan is one of Europe’s most important financial hubs—home to the largest banking groups, most of Italy’s Fortune 500 countries and the country’s stock exchange. We believe in the long-term need for high-quality office space and see strong potential in Corso Europa 12’s rental growth and its tenants’ ability to attract the best talent.”
Macquarie Group has been an active investor and advisor in Italy over nearly two decades. Since making its first local investment in 2002, Macquarie has supported the sustainable development and growth of businesses across the real estate, energy, renewables, and transport infrastructure sectors.