Hines is buying 20 logistics assets in Italy on behalf of its European fund for an undisclosed sum.
Hines is acquiring the assets through the Italian fund HEVF II Italy managed by Prelios SGR on behalf of the Hines European Value Fund 2 (HEVF 2) fund.
Hines said the deal involves the acquisition of the real estate portfolio from four different selling companies and the simultaneous 15-year lease of the same portfolio to Snatt Logistica.
The 200,000sqm portfolio is located around Milan, Parma, Reggio Emilia, and Bologna.
HEVF 2 now has an aggregate European logistics portfolio of over €700m.
Mario Abbadessa, senior managing director and country head of Hines Italy, said Hines believes in the potential of the logistics sector in Italy and has set an investment target of around €1bn in 2022.
Paul White, senior managing director and fund manager for HEVF 2 at Hines, said: “This is an attractive portfolio of assets with a strong, innovative tenant at the forefront of Italy’s fast-growing third-party logistics sector for the fashion industry.
“We believe that e-commerce will continue to drive long-term demand for high-quality logistics facilities in Italy’s northern cities, pushing the value of these investments forwards, while there is also a significant opportunity to enhance the sustainability performance of existing assets here.”
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