BNP Paribas Real Estate's Italian real estate development arm has acquired a vacant office building at Via Legioni Romane in Milan out of administration for an undisclosed amount. The seller is Legioni Romane Properties srl, which is owned by Reif 3, a 50/50 partnership of Aedes Immobiliare and Cordea Savills.

The property, which provides 10,000 m2 of space, housed the former headquarters of Banca d’America e d’Italia and is currently being converted into a residential building.

'With this acquisition BNP Paribas RE further strengthens its plans to grow its development activities in the Milan area,' the company said in a statement. The project adds to the company's ongoing construction of a distribution centre at Via Crespi, in the Maciacchini area of Milan, the building of the new Siemes HQ in Italy as well as the redevelopment of the former Siemens head office at via Bernina.

'Despite the lack of dynamism in the market, we believe that Milan still offers opportunities in the development area,' said Cesare Ferrero, which last week took over as new country manager at BNP Paribas RE Italy.