British real estate investment firm M&G Real Estate has acquired an office property located at 9-11 Via Pola in Milan.
M&G Real Estate bought the asset, which is now 85 percent let to a range of notable businesses, from Barings Real Estate European Value Add Fund (BREEV Add Fund), part of Barings LLC.
The firm completed the purchase of the building, comprising 16,500 square meters, in a transaction valued at 136 million euros ($150 million).
In 2016, the property had been acquired by an alternative investment fund managed by Italian asset manager SGR, fully subscribed by BREEV Add Fund, in an off-market transaction.