BNP Paribas Real Estate Investment Management has announced plans to auction an office building located at Corso di Porta Romana 10, in Milan for a starting price of EUR 44 mln. The asset, which is owned by the Comune di Milano I real estate fund, offers around 11,500 m2 of gross office space and is currently vacant.

BNP Paribas REIM, the manager of the Comune di Milano I fund, said the bidding period runs until July 20, 2011.

Comune di Milano I is the first real estate fund launched in 2007 by Milan municipality as part of its strategy to extract value from its real estate assets. Earlier this year, BNP Paribas officially launched a second real estate fund for the city following the transfer of 65 properties in and outside Milan with a total asset value of approximately EUR 120 mln.