AXA Real Estate Investment Managers (REIM) has acquired a 5,000-square-metre office building in Rome from iii-European Property Fund. The asset, which is let to a European telecoms company, will be contributed to AXA REIM’s Core Italian Properties Fund (CIPF). The fund has eight assets under management valued at €150 million.

“The purchase of this attractive office building in Rome completes the investment stage of our Core Italian Properties Fund. 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,” says Giorgio Pieralli, managing director of AXA REIM.