M&G Real Estate has bought a new logistics asset in the Veneto region of Northern Italy from Prologis for €24m.

The manager said it acquired the 36,000sqm logistics facility on behalf of the M&G European Property Fund.

The asset is pre-let on a 15-year lease to logistics firm Geodis.

David Jackson, M&G European Property Fund manager, said: “This acquisition continues a sequence of recent prime logistics investments in Sweden, the Netherlands, and now Italy as we continue to focus on this sector for the M&G European Property Fund.

“Going forward we will further increase our logistics exposure, with a particular focus on high-quality warehouse facilities close to major conurbations.”

Luigi Miranda, associate director in M&G Real Estate, Italy, said: “This deal marks our fifth purchase in Italy, showing the benefit of our newly established on-the-ground presence in the country.

“The facility provides a secure long-term income stream and a brand new, high-quality asset in a strategically important location with excellent connectivity across Europe and the rest of Italy.”