Barings has sold two logistics assets near in Italy to real estate manager Kryalos SGR for an undisclosed amount.
Barings said the fully-let warehouses, located in Cavenago and Cambiago, were sold through an Italian real estate fund managed by Savills IM.
Barings acquired both warehouses in 2019, as part of a core strategy on behalf of a separate account for Asian clients.
Marco Corti, managing director and Italian country head at Barings Real Estate, said: “Having executed our business plan against these assets and secured very pleasing returns for our investors, completing this sale marks the latest success for the local team.”
Corti said Barings expects to explore further value-add and core/core-plus opportunities in the Italian market.
Gunther Deutsch, managing director and head of European real estate transactions at Barings Real Estate, said: “Logistics remains a sought-after sector for our investors due to the strength of its fundamentals, including a strong imbalance between supply and demand, low vacancy, and still compelling e-commerce sales.
“Having completed this sale, and with a significant pipeline of new projects in Italy and across Europe in the logistics, residential and office sectors, we will continue to work with partners, including developers in joint ventures, across our preferred jurisdictions of the Nordics, the Netherlands, Germany, Italy, France, Spain and the UK.”
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