CBRE Global Investors has addd a 31,100 m2 warehouse in Truccazzano near Milan to its Italian logistics portfolio.
The off-market transaction was carried out on behalf of the CBRE European Industrial Fund (EIF) and takes CBRE GI’s acquisitions in Italy during 2017 to near €270 mln.
The vendor was Akno Business Parks, an international industrial and logistics park developer and manager.
The asset is newly developed and built to the highest quality standard. The building is also sub-divisible into three independent modules of approximately 10,300 m2.
The warehouse is fully let to ePRICE, an Italian ecommerce company listed on the Milan stock exchange.
Pierre-David Baylac, EIF Fund Manager for CBRE Global Investors said: 'The latest acquisition for EIF fully meets our investment requirements and complements our current portfolio. We are continuously developing our pipeline of opportunities in strong logistic hubs.'
The deal follows CBRE GI's acquisition in May last year of Phase I of the business park for €24 mln.
Built by Akno in 2004, the asset consists of two independent logistics warehouses connected by an office building, a total gross area of 35,000 m2. The property is fully occupied.
Sandro Campora, head of Investment Operations Italy, CBRE Global Investors added: 'We bought the first phase of the Trucazzano Business Park from Akno last year and we are very happy to continue the cooperation through this acquisition This is typical of our approach to partner with good quality logistic developers forming long-term relationships.'
