Principal purchases prime Milan office for Euro fund

Principal Via Giovanni Battista Pirelli

Principal Real Estate Europe has acquired an office property in Milan’s prime office district from Amundi Real Estate Italia SGR on behalf of its Principal European Office Fund.

Acquired for €34m (£30m), at a net initial yield of 4.4%, the 75,000 sq ft office building is located at Via Giovanni Battista Pirelli 18, between the Porta Nuova central business district and the central railway station in Milan. It is fully let to AccorHotels Italia as its corporate HQ on an unexpired lease term of four and a half years.

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