Allianz Real Estate’s Italian logistics fund has bought the fully-let Broni Logistics Park for an undisclosed sum.

The Investitori Logistic Fund has bought the 150,000sqm park from Invesco Real Estate’s European Value-Add programme.

Allianz said the acquisition of the Broni Logistics Park is the firm’s fifth logistics deal in Italy in the past 24 months and lifts Allianz Real Estate’s Italian logistics portfolio to €386m.

Allianz expects to further grow its Italian portfolio in equity investments over the next three years, it said adding, that the focus will be “prime assets offering long-term value, particularly through office assets in Milan and Rome as well as out-of-town logistics facilities”.

Donato Saponara, head of transactions for West Europe and country head of Italy, Allianz Real Estate, said: “This off-market acquisition, one of the largest such parks in the region, offers additional diversification benefits such as tenancy profile to our Italian logistics platform.

“In addition, it offers an interesting yield and is in line with the firm’s aim to build the leading, directly owned scalable logistics platform.”

Alexander Gebauer, CEO for West Europe, Allianz Real Estate, said: “Diversification continues to play a fundamental role in our investment strategy which is why logistics remains a key focus for us. The sector is benefitting from the ongoing growth of online shopping and is seeing strong interest from institutional investors.

“In total, Allianz Real Estate has now grown its global exposure to logistics to more than €8.8bn in asset under management, representing 11% of our global portfolio.”

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