BNP Paribas REIM has acquired two logistic warehouses in Italy from Prologis on behalf of the Eurozone Logistics Fund (ELF) managed by BNP Paribas REIM Luxembourg. Financial details were not disclosed.
The first asset is a grade A build-to-suit warehouse, located in Anagni in the South East of Rome. Delivered in 2007, the warehouse totals a surface area of 30,750 m2. The asset is fully let to Italy's chief food retailer.
The second asset is located in Brembate in the North East of Milan. Delivered in 2020, the warehouse totals a surface area of 27,300 m2. The asset is certified LEED Silver and is fully let to a 3PL logistics player.
Jean-Maxime Jouis, global head of fund management for the business line BNP Paribas REIM, commented: ‘These two acquisitions help strengthen the European diversification of the fund, which is now composed of 12 new logistic platforms located in prime logistic areas. In addition, these assets are fully let to quality tenants.’
Vincenzo Nocerino, chief investment officer of BNP Paribas REIM Italy SGR added: ‘With these transactions, we have secured to ELF two properties of great value and return, expanding its exposure to the Italian logistic, which represents a strategic asset class for BNP Paribas REIM.’
The ELF fund is a SICAV-SIF based in Luxembourg, dedicated to institutional investors, with an investment strategy aimed towards logistic assets that have a strong sustainable development dimension. The fund offers geographical diversification within the Eurozone logistics sector to international institutional investors.
The deal was brokered by GVA Redilco. Jones Lang LaSalle and Cushman & Wakefield acted as the valuers of the transaction, Dentons acted as a legal advisor, REAAS as a technical advisor and Pirola as a tax advisor.
