Barings has bought two fully-let logistics assets in Italy on behalf of an institutional investor.
The real estate investment manager said it has paid an undisclosed amount for the 66,100sqm asset in Cavenago and the 24,100sqm asset in Cambiago.
Valeria Falcone, managing director, real estate country head Italy and portfolio manager at Barings, said: “This transaction presented a rare opportunity to acquire two core assets in an off-market transaction for our investor.”
Falcone said the assets are located a short distance from Milan city centre, in an undersupplied area with potential for rental uplifts and yield compression.
”The e-commerce sector is expanding rapidly in Italy, which is likely to generate a growing demand in the region for high-quality logistics assets such as these two properties.”
Gunther Deutsch, managing director, head of real estate transactions – Europe for Barings, said: “This acquisition represents a milestone for Barings in Europe as it brings our logistics transactions total to over €600m.
“We remain interested in expanding our logistics activity further in our target countries of Finland, Sweden, the Netherlands, Germany, UK, France, Spain and Italy and we continue to look for properties in risk sectors from core to value-add.”