Allianz Real Estate has acquired a portfolio of three new, grade A logistics assets near to Milan, in Italy.
The firm paid an unnamed buyer €110 mln for the buildings, in an off-market transaction.
The deal was made through Allianz’s own Italian logistics fund, the Investitori Logistic Fund (ILF). It is managed by Investitori SGR.
Located in the region of Lombardy, the properties are within the northern Italy logistical hub. The portfolio comprises one site in Binasco of 29,440 m2, a building in Massalengo comprising 55,000 m2 and an asset in Ospitaletto of 55,000 m2.
It is the fourth logistics deal Allianz RE has made in Italy in the last 18 months, bringing its logistics portfolio in the country to €275 mln. The firm sees Italy as a core growth market and it is targeting more acquisitions of prime assets in the next three years, focusing upon Rome and Milan.
Donato Saponara, head of transactions for west Europe and country head of Italy, at Allianz Real Estate, said: ‘We take a very positive view of the long-term strength of the logistics sector, with the Lombardy hub benefitting from compelling market fundamentals such as the continued regional growth of online shopping.
‘This latest deal represents an excellent opportunity to purchase a grade A portfolio, well located at an attractive yield and capital value. Logistics as an asset class remains a key focus for Allianz Real Estate, having grown our global exposure in the sector to more than €7.5bn AUM.’
Alexander Gebauer, CEO for west Europe, Allianz Real Estate, said: ‘We will continue to evaluate opportunities in different asset classes as diversification continues to play a fundamental role in our investment strategy.
‘Looking forward, the logistics sector will very likely play a central role as we further expand in the Italian market, which continues to offer high-quality, prime assets on a select basis.’
