Invesco RE buys Milan office asset

Invesco Real Estate has announced the acquisition of the Time Building, a fully renovated office property located in a consolidated and improving office location close to Porta Nuova district, the new Central Business District (CBD) in Milan.

The acquisition was made on behalf of IRE’s flagship pan-European strategy, as part of its acquisition programme for its actively managed portfolio.

The acquisition was made on behalf of IRE’s flagship pan-European strategy, as part of its acquisition programme for its actively managed portfolio.

The Time Building is located at the edge of Porta Nuova area, adjacent to the central railway station in an established office location, with possibility of further growth in the near future.

The recently renovated property consists of a 9-storey high-quality building with 1,446sqm, excellent clean internal height, very good natural light and state-of-the-art technical specifications.

Approximately 50% of the spaces are already let to IMS HEALTH, a leading global information and technology services company in the healthcare industry, that will relocate its headquarters to the Time Building in the upcoming weeks.

Carlo Romanò, Invesco Real Estate’s Director – Transactions, Italy says: “It is extremely rare to find Grad A properties with this quality and top facilities in central Milan.

“The building will also feature a US Green Building Council pre-certification and has achieved the LEED Platinum certification.

“All the above we believe will make the Time Building a compelling relocation opportunity for corporates looking in the area.”

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