Allianz Real Estate’s Italian logistics fund has invested €33.6m to acquire two logistics warehouses in Northern Italy.
The Italian logistics fund, managed by Investitori SGR, bought the two 45,000sqm assets, in Liscate (Milan) and Montegalda (Vicenza), on behalf of several Allianz group insurance companies.
Allianz said this acquisition covers the first tranche of the investment in an €80m logistics portfolio, for which a preliminary sale and purchase agreement was signed in May.
This acquisition is the second logistics deal by Allianz in Italy, having announced in November 2018 the acquisition of a 55,000sqm logistics hub.
Donato Saponara, head of Italy and head of transactions for Western Europe, Allianz Real Estate, said: “Our Italian logistics portfolio continues to grow, consolidating our position in a dynamic market driven by highly attractive trends.
“Logistics occupies a central role in our wider investment strategy and the acquisition represents the next step in creating a large logistics platform in Italy, leveraging on team knowledge of the asset class and market.”