Patrizia has bought the Piacenza Business Park in northern Italy, on behalf of its seventh European real estate fund, from AKNO Group.

The manager has invested around €70m in a forward purchase to acquire the 80,000sqm logistics hub for its TransEuropean VII fund.

Patrizia said the newly developed business park, which features 72 loading bays and over 110 parking spaces, is already around 50% leased.

Pierluigi Scialanga, the head of transactions in Italy for Patrizia, said the logistics sector in northern Italy continues to offer an “extremely compelling” investment case due to the “strength of the occupier market and its strategic position at the gateway to Europe”.

Scialanga said: “While market conditions remain extremely tough, our conviction for investing in best-in-class assets underpinned by fundamental long-term global megatrends remains as strong as ever.

“This deal presented us with the perfect opportunity to acquire a major new logistics hub that benefits from both an attractive income profile and future value creation opportunities.”

Christie Baird, senior fund director at Patrizia, said the investment in Piacenza Business Park was in line with the fund’s strategy of building a portfolio of resilient income-producing assets alongside those with significant value creation potential.

Baird added: “With an exceptionally strong occupier market in northern Italy, we are excited to execute an asset management strategy that will secure new tenants, drive rental values and deliver attractive long-term returns for our investors while riding out any short-term market volatility.”

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