Italian real estate fund manager Coima has acquired a €300m portfolio on behalf of its latest logistics fund.
The manager said, the Coima Logistics Fund II has bought the 300,000sqm logistics developments from developer Logiman in a forward purchase deal.
The portfolio includes 7 development projects in the Milan area and the Veneto logistics corridor, Coima said, adding that the sites are located in the provinces of Como, Bergamo, Lodi, Pavia, Piacenza, Mantua and Belluno.
Construction has already begun for some of the properties, with all assets expected to be completed by 2023.
In addition to these properties, there is an investment pipeline being finalised for an additional €100m of other logistics assets in northern Italy, Coima said.
Coima launched the logistics fund last month with a plan to invest €1bn in the sector this year.
The Coima Logistics Fund II fund was seeded with a €400m worth of operational properties and a further €400m pipeline worth of projects, the manager said at the time.
The launch comes nine years after Coima launched its first logistics fund, which Coima said invested €100m and generated an internal rate of return of 18%.
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