Allianz Real Estate, acting on behalf of several Allianz group companies, has expanded its Italian logistics holdings with the off-market acquisition of a grade A asset in Lombardy from Invesco Real Estate.
Financial details were not disclosed, but the firm said that the acquisition of the 150,000 m2 Broni Logistics Park, its fifth logistics deal in Italy in the past 24 months, increases Allianz Real Estate’s total Italian logistics portfolio to €386 mln in assets under management.
The transaction was completed through its Italian logistics fund, Investitori Logistic Fund, which is managed by Investitori SGR, an Allianz company. The asset was sold by Invesco on behalf of its European value-add programme.
'This off-market acquisition, one of the largest such parks in the region, offers additional diversification benefits such as tenancy profile to our Italian logistics platform. In addition, it offers an interesting yield and is in line with the firm’s aim to build the leading, directly owned scalable logistics platform,' said Donato Saponara, head of transactions for West Europe & country head of Italy at Allianz Real Estate.
The asset, which was completed in 2019, comprises four separate units divided into five modules that can be split into nine if necessary. It is fully let to tenants operating in diversified sectors including third-party logistics, retailing and home cleaning. The assets, built to high technological standards, are certified Breeam Very Good.
Allianz Real Estate said it expected to further grow its Italian portfolio through equity investments over the next three years. The focus will be on prime assets offering long-term value, particularly through office assets in Milan and Rome as well as out-of-town logistics facilities.
'Diversification continues to play a fundamental role in our investment strategy which is why logistics remains a key focus for us. The sector is benefitting from the ongoing growth of online shopping and is seeing strong interest from institutional investors. In total, Allianz Real Estate has now grown its global exposure to logistics to more than €8.8 bn in AUM, representing 11% of our global portfolio,' said Alexander Gebauer, CEO for West Europe, Allianz Real Estate.
