AEW Europe has sold a portfolio of logistics properties in Italy to TPG and Ivanhoé Cambridge’s PointPark Properties (P3).

The fund manager’s Logistis fund sold four warehouses in Northern Italy to P3 for an undisclosed amount.

P3 also said it has bought a fifth, 32,000 sqm property east of Milan from Italy’s CD Group.

The 170,290 sqm AEW portfolio, located around Milan, was bought by P3 as it looks to expand in what it regards as key European locations.

Prague-based P3 was sold to TPG and Ivanhoé Cambridge by Bahrain’s Arcapita late last year.

At the time, P3’s portfolio totalled close to 1.5m sqm.

P3’s new owners committed additional capital to strengthen the firm’s balance sheet.

Meka Brunel, executive vice-president in Europe for Ivanhoé, said the investment in P3, which has assets in the Czech Republic, France, Germany, the Netherlands, Poland, Slovakia and Spain, contributed to its real estate diversification.

Strong growth in e-commerce could “only benefit the logistics industry in the long term”.