Hines and Allianz Real Estate have partnered to invest €80m to build a logistics facility in northern Italy.

The real estate managers are investing through the Urban Mile fund managed by Blue SGR to buy a 110,000sqm brownfield land in Via Rubattino in Milan for the last-mile logistics hub which will be built over the next 36 months.

Mario Abbadessa, senior managing director and country head of Hines in Italy, said: “This is our second investment in the logistics sector this year and represents our first last-mile facility for Hines in Milan.

“By partnering with Allianz Real Estate on this facility, Hines can further strengthen its presence in the logistics market in Italy and develop projects that incorporate innovative techniques and have a positive, direct impact on urban cities and the people that reside in them.”

Donato Saponara, the head of investments West Europe - country head of Italy, Allianz Real Estate, said: “As the demand for last-mile logistics facilities continues to grow in such a competitive market, we are delighted to participate in this investment that showcases the strength of our team, our local network and expertise, and our market proposition.

“Our focus is on building our exposure to logistics alongside prime partners, developing cutting edge facilities that incorporate our approach to ESG alongside addressing the shortage of supply.”

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