Prelios SGR agrees development and sale of Verona logistics park
Prelios SGR, the Prelios Group’s asset manager, has finalised an agreement for the development and subsequent sale of a logistics park in Vigasio (Verona) to a newly established Italian closed-end reserved real estate alternative investment fund (AIF).
The deal was completed through Logistica, a fund held by a number of professional investors.
The AIF, named Vicus I, will be managed by Prelios SGR and underwritten by Hines, as an investor, and an international private equity player. Prelios SGR will handle the development and construction of the logistics park in the name and on behalf of the Logistica fund. The work will be conducted in two successive stages.
The first stage, scheduled to be completed by the end of 2023, will see the development of the first part of the “District Park”, with the construction of four warehouses for a Gross Leasable Area of approximately 200,000 sq m and a sale value of around EUR120 million.
The total value of the project is approximately EUR300 million. The development will be conducted in line with environmental sustainability and energy-efficiency standards, to achieve LEED Gold certification.
As a strategic node on the A22 Brenner Pass motorway between Italy and northern Europe (Germany and Austria), and with a number of important international tenants based in the area, Vigasio is a key location for logistics operations.
Alessandro Busci, Fund Management Director at Prelios SGR, comments: “We are very proud to have completed this deal, which consolidates the leadership of Prelios SGR, whose know-how has won international recognition, in value-added logistics. The operation also enables the Logistica fund, which Prelios SGR entered less than a year ago, to make a significant improvement in its projected indices, and to continue the enhancement and sale of the assets in its portfolio, in part through a new line of credit from Intesa Sanpaolo”.