PGIM Real Estate, on behalf of an institutional investor, has bought a 70,000sqm logistics portfolio in Italy for an undisclosed amount.

The manager said the fully-let portfolio, which consists of three warehouse properties located in greater Rome and northern Italy, was acquired as part of a European core/core-plus investment programme for the unnamed investor.

Sebastiano Ferrante, head of Germany and Italy for PGIM Real Estate, said: “The Italian logistics sector is benefitting from compelling market fundamentals with share of online sales and e-commerce growing significantly. Prime logistics rent in Northern Italy are also expected to increase over the next five years given positive occupier market development outlook.

“This acquisition plays to our defensive investment philosophy and demonstrates our ability to identify attractive properties in highly competitive markets.”

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