AXA Real Estate Investment Managers SGR, part of the AXA Real Estate group, has bought an office building in Rome from iii-European Property Fund, a fund managed by Internationales Immobilien Institut, for an undisclosed amount. The purchase was made on behalf of AXA's Core Italian Properties fund (CIPF).

The acquisition marks the completion of the CIPF's investment phase, bringing its total portfolio to eight assets valued at EUR 150 mln. CIPF is invested in a diversified portfolio of commercial properties located across Italy including logistics, office and retail properties.

The office building is situated in the Eur business district of Rome and provides 5,000 m2 of office space fully let to a leading European telecom company. Invesco Real Estate, the asset manager of the iii-European Property Fund, managed the transaction and was assisted by Andrea Sassi of Norton Rose.

'While we continue to actively manage the CIPF assets, we will also focus our attention on raising funds for our Caesar Fund, a new core fund focused on generating stable returns by acquiring and actively managing prime office assets in established European property markets,' said Giorgio Pieralli, managing director of AXA Real Estate Investment Manager SGR.

AXA Real Estate was advised by legal firm Legance.