CBRE Global Investors has bought a 120,000sqm Italian logistics portfolio on behalf of its Logistics Venture Fund.

The manager has paid Techbau an undisclosed sum for the portfolio in Turate (Como) which includes a 40,000sqm Grade A logistics warehouse and 194,000sqm of land for an 80,000sqm speculative development.

CBRE GI said the logistics single-dock asset is let for nine years to a well-known Italian retailer and the plot of land currently being developed for logistics cross-dock is located in Castrezzato, east of Milan.

The distribution warehouse is expected to be delivered in the third quarter of the year, the manager said.