PineBridge Benson Elliot is investing in Italian logistics real estate through a fund managed by Europa Risorse SGR (ER SGR).
The pan-European real estate fund manager, investing alongside a 50% institutional joint venture partner, said it has subscribed to 100% of the units in ER Logistics Fund 5, ER SGR’s new fund.
ER Logistics Fund 5 has acquired a 197,000sqm site in Torrazza Piemonte, northeast Turin as its first investment. The asset, a currently vacant site, will be transformed into a 61,000sqm logistics facility including 2,000sqm of office space.
The fund’s strategy involves investing in logistics assets in strategic locations across Northern Italy.
PineBridge Benson Elliot said the fund aims to buy existing properties located close to urban centres, major roads and labour, alongside the “development of Grade A modern logistics assets on both brownfield and greenfield sites with suitable zoning and planning in place”.
James Jakeman, a senior partner at PineBridge Benson Elliot, said: “Turin is exceptionally well-located for a logistics facility and offers a strong occupational outlook. We expect to see significant demand for the Grade A logistics space we plan to deliver, driven by e-commerce penetration.
”Italy has a significant supply and demand imbalance, vacancy across the country is incredibly low and there is huge appetite for the supply of high quality and carbon neutral logistics space.”
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