Real assets fund manager Patrizia has closed a deal to invest approximately €70m in a 90,000sqm industrial portfolio in Italy’s “golden triangle” sub-market.
The investment which is being made through the manager’s Patrizia Logistik-Invest Europa Fund series, adds two fully let assets located on the A22 highway between Verona and Bologna.
The manager said its active asset management strategy will aim to capitalise on future value-add opportunities through the “strong rental growth expected in the Mantova sub-market”.
Pierluigi Scialanga, country manager and head of transactions for Italy at Patrizia, said: “With vacancy rates close to zero in certain sub-markets and a persistent undersupply of new assets, the underlying characteristics of Italy’s industrial sector remain robust.
“As we begin a new market cycle with prolonged global volatility, deploying capital into highly attractive sectors is our key focus as we drive long-term value for clients.
“With now over €1.5bn in assets under management, our expanding Italian alternative assets platform continues to deliver significant opportunities for our investors across the risk spectrum in both real estate and infrastructure.”
Nicolai Soltau, head of fund management logistics at Patrizia added that the manager is pleased to continue its investment programme into “best-in-class, sustainable logistics which support rapidly urbanising and digitalising cities across key European markets.
He added: Growing our exposure in Italy is an important part of our strategy as it further diversifies our geographical footprint, while at the same time delivering strong income that also has value-add growth potential through asset management and ESG initiatives.
“With this portfolio already compliant with the Paris Climate Agreement, we are excited to further build on the already strong ESG credentials of our European logistics platform.”
This acquisition marks the latest deal in a series of major real asset investments that Patrizia has made in Italy over the last 12 months.
Last year the group invested around €50m in a portfolio of two assets in the established sub-markets outside Rome and Bologna, while it also closed the acquisition of the 80,000sqm Piacenza Business Park. The group strengthened its infrastructure portfolio with its investment in Atlantico to consolidate its Italian smart streetlighting business.
It also grew its bio-LNG/biogas platform Renergia with a recent bolt-on acquisition in the Agrimet subsidiary and expanded its pan-European circular economy platform with an investment in leading independent Italian waste management group Greenthesis.
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