CBRE Global Investors, on behalf of its European Industrial Fund (EIF), has agreed the sale of a 45,171 m2 logistics warehouse in Faenza, in the Emilia Romagna region of Italy to PGIM Real Estate. Financial details were not disclosed.
The facility is fully let to an institutional grade A tenant that has been in the building since 2007 and renewed its lease in December 2019 for a further six years.
It was acquired by CBRE Global Investors in 2007 and located in the province of Ravenna, 50km southeast of the main Bologna corridor.
’Driven by robust e-commerce activities, logistics take-up in Italy reached a record high in 2020 – despite the challenging macroeconomic environment due to Covid-19,’ said Sebastiano Ferrante, deputy head of Europe and Head of Italy at PGIM Real Estate. ‘The Faenza logistics acquisition for our European core strategy aligns with our defensive investment philosophy and demonstrates our ability to secure attractive investments in competitive markets.’
CBRE Global Investors is a major investor and operator in the European logistics sector, with an AUM of €12.3 bn, a rental area of seven million m2 across 11 countries.
CBRE Global Investors were advised by Cushman & Wakefield, Studio Pirola, DLA and Yard Reaas.
