CBRE Global Investors, on behalf of a Separate Account client, announces the sale of its investment in Bodio Centre (buildings 1, 2 and 3), Milan to Axa Investment Management – Real Assets. (Axa IM – Real Assets). The business park has been sold for €83 million.
The office space consists of 30,000 sq m and is split between the three buildings. It was fully refurbished in 2003 and is let to a number of institutional tenants. Axa IM – Real Assets already owns two other buildings in the complex.
Bodio Centre is located in the north-western part of Milan between the city centre and the main access roads towards the international airport, Malpensa. The business park is well served by public transport and accessible by road links.
Sandro Campora, Country Manager Italy, CBRE Global Investors said: “We have completed our significant asset management initiatives to transform the complex from single-let to multi-tenant use and to bring it in-line with current occupiers’ requirements.”
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About CBRE Global Investors
CBRE Global Investors is a global real estate investment management firm with $86.5 billion in assets under management* as of March 31, 2017. The firm sponsors investment programs across the risk/return spectrum for investors worldwide.
CBRE Global Investors is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBG). It harnesses the research, investment sourcing and other resources of the world’s premier, full-service commercial real estate services and investment company for the benefit of its investors. CBRE Group, Inc. has more than 75,000 employees in approximately 450 offices (excluding affiliates) worldwide. For more information about CBRE Global Investors, please visit www.cbreglobalinvestors.com.
*Assets under management (AUM) refers to the fair market value of real estate-related assets with respect to which CBRE Global Investors provides, on a global basis, oversight, investment management services and other advice, and which generally consist of investments in real estate; equity in funds and joint ventures; securities portfolios; operating companies and real estate-related loans. This AUM is intended principally to reflect the extent of CBRE Global Investors’ presence in the global real estate market, and its calculation of AUM may differ from the calculations of other asset managers.