Allianz buys prime office building in Milan to transform into highly sustainable asset

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Allianz Real Estate, acting on behalf of several Allianz Group companies, has completed the off-market acquisition of a manage-to-core office complex situated in the heart of Milan’s Central Business District. 

Porta Nuova, acquired from an Italian real estate fund backed by Blackstone real estate funds, will be retrofitted into a high-quality, 17,600 sqm core office complex across two buildings. It forms part of a large-scale asset management and redevelopment program by Allianz Real Estate in Italy and across Europe, aimed at creating best-in-class buildings that offer an ideal work-live-play balance and incorporate leading ESG profiles.

On completion, the Porta Nuova asset is expected to obtain LEED Platinum and WELL Gold certifications. It will be EU taxonomy compliant and qualify as a Nearly Zero-Energy Building as defined by the European Commission.

The asset will also meet Carbon Risk Real Estate Monitor (CRREM) sustainability standards and  will support Allianz Real Estate’s own target to reduce carbon emissions across its portfolio by 25% by 2025 and be carbon net-zero by 2050.

Milan remains a strong growth market for Allianz Real Estate. The city suffers from a lack of prime office assets, particularly buildings able to meet rapidly evolving tenant and stakeholder demands for high sustainability and ESG criteria. The Fund manager, Kryalos SGR, is one of the most active players in Italian real estate and an established local partner for Allianz. 

High-profile projects in Italy which form part of Allianz Real Estate’s European asset redevelopment program include the recently completed transformation of Palazzo Marignoli in Rome; and the redevelopment of Corso Italia 23 in Milan, one of the first zero-emission buildings in Italy, which will be tenanted by Deloitte Italia at the end of 2023.

“We have a strong conviction towards the prime office sector in Milan and expect Porta Nuova to be seen as a best-of-breed asset. Our highly experienced on-the-ground team and strength of local relationships brings significant growth opportunities and we continue to look for further acquisitions in Italy, in both Milan and Rome,” said Donato Saponara, Country Head, Italy, and Head of Transactions West Europe, Allianz Real Estate

Alexander Gebauer, CEO West Europe, ‎Allianz Real Estate, said: “Our asset redevelopment program is one of the most ambitious in Europe. The focus on sustainability and decarbonization, and the retrofitting of buildings into cutting-edge office spaces, has become fundamental to our own growth and we as a business are responding to this demand with a comprehensive and nuanced approach.”

Allianz Real Estate is a PIMCO Company, comprising Allianz Real Estate GmbH and Allianz Real Estate of America and their subsidiaries and affiliates.  It is one of the world’s largest real estate investment managers, developing and executing tailored portfolio and investment strategies globally on behalf of a range of global liability driven investors, creating long-term value for clients through direct as well as indirect investments and real estate financing. The operational management of investments and assets is performed out of 19 offices in key gateway cities across 4 regions (West Europe, North & Central Europe, USA and Asia Pacific). For more information, please visit:  www.allianz-realestate.com. PIMCO is one of the world’s premier fixed income investment managers. With its launch in 1971 in Newport Beach, California, PIMCO introduced investors to a total return approach to fixed income investing. In the nearly 50 years since, the firm continued to bring innovation and expertise to our partnership with clients seeking the best investment solutions. PIMCO has offices around the world and 3,000+ professionals committed to delivering superior investment returns, solutions and service to its clients. PIMCO is owned by Allianz SE, a leading global diversified financial services provider.

Source: Allianz Real Estate, data as at 31st December 2020. 

These assessments are, as always, subject to the disclaimer provided below.

The Allianz Group is one of the world's leading insurers and asset managers with 126 million* private and corporate customers in more than 70 countries. Allianz customers benefit from a broad range of personal and corporate insurance services, ranging from property, life and health insurance to assistance services to credit insurance and global business insurance. Allianz is one of the world’s largest investors, managing around 716 billion euros** on behalf of its insurance customers. Furthermore, our asset managers PIMCO and Allianz Global Investors manage nearly 1.8 trillion euros** of third-party assets. Thanks to our systematic integration of ecological and social criteria in our business processes and investment decisions, we are among the leaders in the insurance  industry in the Dow Jones Sustainability Index. In 2021, over 155,000 employees achieved total revenues of 148.5 billion euros and an operating profit of 13.4 billion euros for the group.

These assessments are, as always, subject to the disclaimer provided below.

*Including non-consolidated entities with Allianz customers.
** As of June 30, 2022

Press contact

Paula Eirich
Allianz Real Estate
As with all content published on this site, these statements are subject to our cautionary note regarding forward-looking statements:

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