Patrizia has bought a fully-let 31,000sqm cold storage logistics asset in Italy from Savills Investment Management.

The investment firm has invested an undisclosed sum on behalf of one of its flagship logistics funds, to acquire the newly built asset near Milan.

The property is located in Casorate Primo, a municipality in Lombardy between the cities of Milan and Pavia.

Pierluigi Scialanga, the head of transactions at Patrizia Italy, said Patrizia’s Italian assets under management has grown significantly in recent years to now over €1bn with plans to grow further.

As a whole, the logistics segment represents around 45% of the assets that Patrizia manages in Italy,

Logistics is a strategic sector for Patrizia Italy, Scialanga said, adding that the manager had so far invested €400m in logistics and has a pipeline of a further €160m of logistics transactions being completed.

Rob Brook, the head of alternative investments and head of logistics at Patrizia, said: “Cold chain is an exciting area of logistics for Patrizia to be involved in. Demand is predicted to grow steadily in the next few years, especially due to a growing need for reliable supply chains for biopharmaceuticals, vaccines and clinical trials.

“High demand across Europe combined with low vacancy rates makes cold chain logistics an ideal growth area for the future.”

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