Barings advises Italian fund on Italian logistics acquisition
Barings, one of the world’s largest diversified real estate investment managers, has acquired a portfolio of six logistics assets comprising circa 95,000 square meters, on behalf of an institutional investor.
This acquisition also includes the forward purchase of two pre-let developments, in Veneto region northeast of Italy.
The transaction has been structured in two parts with a Barings advised investment fund acquiring a diversified portfolio of four logistics assets, consisting of cold storage and traditional warehouses, comprising a total of ca. 34,000 square meters fully let to a specialist Italian logistics operator.
The second phase involves the forward purchase of the development of a two “build-to-suit” Grade A traditional warehouses totaling circa. 61,000 square meters, which are also fully let on long-term leases to another logistics operator. The properties, which will have a LEED score, are expected to complete in 2020.
The assets are in a prime location in Verona province, a prime logistics hub due to its attractive position at the intersection between the east-west and north-south of Europe’s core network corridor, providing access to important road links including the A4 and A22 motorway.
Valeria Falcone, Managing Director, Real Estate Country Head – Italy, says: “This transaction presents a rare opportunity to acquire a high quality logistics portfolio, producing sustainable, index linked income in a market with strong fundamentals, partnering with third party logistics operators in northern Italy. These assets play an important role in the occupier’s distribution network due to their prime locations which offer excellent connectivity across Europe and the rest of Italy.”