Allianz Real Estate is adding eight logistics facilities worth €91m to its Italian portfolio.
The manager said it has agreed to buy the portfolio which comprises two traditional facilities and six pre-let courier warehouses located mainly in northern Italy from a private seller in a forward purchase deal.
Donato Saponara, the head of investments West Europe - country head of Italy at Allianz Real Estate, said: “Allianz Real Estate has developed one of the most significant logistics portfolios in Italy and we remain focused on further acquisitions and growth given the strong fundamentals driving the sector in Italy and across Europe.
“This latest transaction adds a prime tenant and access to prime sub-markets with excellent, long-term value creation.”
Alexander Gebauer, CEO West Europe, Allianz Real Estate, said: “The capability to execute an off-market, highly complex transaction with multiple stakeholders over a 12-month period showcases the strength of our team, our local network and expertise, and our market proposition. This has resulted in very attractive yields for investors in a highly competitive market characterised by the strong investors’ appetite for logistics products.”
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