Barings Real Estate, on behalf of an institutional investor, has acquired a portfolio of six Italian logistics assets on behalf of an institutional investor for an undisclosed sum.
The manager said the acquisition of the 95,000sqm portfolio 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 fully-let 34,000sqm diversified portfolio of four logistics assets, consisting of cold storage and traditional warehouses.
The second phase involves the forward purchase of the development of a fully-let two warehouses totalling 61,000sqm. The properties are expected to complete in 2020.
Valeria Falcone, managing director, Barings real estate country head – Italy, said: “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.”