AXA Real Estate Investment Managers has completed the purchase of Torre Beta for €30m (£20.9m).
The 174,410 sq ft office is in the business district of Milan and is fully let over its 10 floors to five occupiers.
The asset was bought by AXA REIM on behalf of Columbus Real Estate Euro Fund from UBS Real Estate.
Alessio Lucentini, head of asset management and transactions in Italy at AXA Real Estate commented: “This is a high quality and well-located asset, which benefits from strong covenants as well as the opportunity to add value through an active asset management strategy.
“Our acquisition is demonstrative of the importance of having a dedicated in-house local team to successfully identify and acquire core properties in one of the most competitive cities in Italy to create value for our clients.
