JB’s asset management arm buys Milan office building
Published : Jul 24, 2020 - 14:24
Updated : Jul 24, 2020 - 14:31
The exterior of ENI's headquarters in Milan, Italy. (JB Asset Management)

An asset management arm of South Korea’s JB Financial Group said Friday it has purchased the headquarters of Italian energy firm ENI for 200 million euros ($232 million) as part of its efforts to expand global investments.

JB Asset Management has been expanding its infrastructure investment fund overseas since last year, making 300 billion won ($250 million) investment in gas–fired combined cycle power plants in New England and Ohio in the US.

Earlier this month, JB forged a partnership with European insurer Victtoria to acquire ENI’s office building in Milan, jointly owned by York Capital Management and Stoneweg, it said in a statement.

The 11-story building with 66,385 square meters floor space is under a 17-year lease contract with ENI that ends in 2032, it added.