CBRE Global Investors, on behalf of its European Industrial Fund (EIF), has acquired a portfolio of three new Grade A logistics assets in Turin, Italy. The vendor was DeA Capital Real Estate SGR, on behalf of its AIFM GO Italia VI Fund which is fully invested by BentallGreenOak.
Financial details were not disclosed.
The three assets offer a total GLA of 156,300 m2, including a 60,300 m2 warehouse that is fully let to an international tyre brand on a 10-year lease, and an adjacent 80,800 m2 warehouse that was developed on a speculative basis. The final asset is a 15,300 m2 warehouse within S.I.TO Turin Interporto, that is let to a third-party logistics provider on a 12-year lease.
All three assets are easily accessible within the Turin market. In addition, Turin is part of European Corridor 5, which connects Lisbon to Kiev, and benefits from close proximity to Corridor 24, which connects Genova with Rotterdam.
Laurie Lagarde, fund manager, European Industrial Fund at CBRE Global Investors commented: 'This acquisition represented a unique opportunity to acquire a portfolio of high quality and strategically located assets.
'While Italy has seen significant growth in e-commerce over the course of the pandemic, it still lags other European countries and we are confident that there remains significant upside for growth in this market. To have secured assets of this calibre is not only a strong endorsement of the strength of our team in Italy, but also of our logistics platform more generally.'
CBRE Global Investors was advised by K&L Gates (lawyers), Pirola Pennuto Zei (tax advisors), Yard Reaas (technical advisors) and GVA Redilco (commercial advisors).
