CBRE Global Investors has acquired a logistics asset in Italy for its European Industrial Fund (EIF) for an undisclosed sum.

The real estate investment manager bought the asset located in Lazzate from Italian developer Techbau in an off-market transaction.

The asset was built in 2017 and comprises 37,000sqm of flexible space with a layout that can be divided into four separate units.

The property is currently fully leased to CEVA Logistics.

Pierre-David Baylac, EIF’s fund manager, said: “We are delighted to have worked again with Techbau after the acquisition of a 65,000sqm asset in Nogara (Verona) last year.

“The Lazzate asset is a prime warehouse in a great location close to Milan, making it an excellent addition to our EIF portfolio.” 

Baylac added that the acquisition is in line with the fund’s selective investment criteria and can accommodate a wide range of tenant requirements, offering potential divisibility.

“With this latest acquisition, our Italian logistics portfolio now comprises six assets covering 262,000sqm. With 100% occupancy and a positive market outlook, we are actively considering further investment in Italy in 2018.”

Alberico Radice Fossati, the head of transactions in Italy at CBRE GI, said: “Thanks to a dynamic tenancy market in 2017 and 2018, Italian logistics assets provide stable income streams for investors. 

“Strong tenant demand and a shortage of prime assets are driving strong yields and so we are continuously developing our pipeline of grade-A opportunities within this asset class.”