Global real estate investment manager AEW has acquired an 8,500sqm last-mile distribution warehouse in northern Italy.

The manager has paid an undisclosed amount to buy the asset for its open-ended pan-European core fund, Eurocore, which has now invested €210m across five assets within just three months of the first closing period.

Constructed in 2020, the last-mile distribution warehouse is fully let.

Christina Ofschonka, senior fund manager of Eurocore at AEW, said: “To have deployed this level of fund equity in such a short period of time since the launch of Eurocore is a real testament to the strength of the AEW platform, and in particular the deal origination capabilities it provides across Europe.

“We are building a diverse portfolio of high quality, future proof institutional assets that we believe will provide resilient income underpinned by robust fundamentals and with a strong emphasis on ESG matters, both at property and portfolio level.”

Although Eurocore is AEW’s first open-ended, pan-European fund, the company already manages €28bn of core real estate investments, making up most of its €34bn European portfolio. The global fund manager manages more than €70bn of assets worldwide, and three-quarters of these are core in profile.

To read the digital edition of the latest IPE Real Assets magazine click here.