Italian asset manager Coima's Logistics Fund II has concluded a forward purchase agreement for a portfolio of Grade A logistics developments of 300,000 m2 with Logiman, an Italian group specialised in the development of industrial, logistics, last mile and express courier in northern/central Italy.
This off-market operation with a value of €300 mln will help the recently-launched Coima fund reach the target of €1 bn invested in logistics in 2022.
The portfolio includes seven development projects in strategic locations in the Milan area and the Veneto logistics corridor, one of the most active and consolidated logistics regions in the country. The sites are located in the provinces of Como, Bergamo, Lodi, Pavia, Piacenza, Mantua and Belluno. The assets have excellent accessibility and are located near primary transport corridors, such as the A1 (Milan-Naples), A4 (Turin-Trieste), A9 (Lainate-Chiasso) and A22 (Modena-Brennero) motorways.
The properties will be developed in line with the best international logistics benchmarks, with LEED or BREEAM certified NZEB properties. One property that will be an innovative multi-storey warehouse, two regional logistics properties and four last-mile properties. 80% of the portfolio will be developed as built-to-suit for leading active logistics tenants such as 3PL, e-commerce and couriers.
In addition, the projects include elements that improve the ESG profile of buildings, such as photovoltaic systems, air conditioning systems in warehouse spaces to improve the well-being of users, charging stations for electric vehicles, sport centres and green areas. Construction has already begun for some of the properties, with all assets expected to be completed by 2023.
The acquisition brings the total invested by the Coima Logistics Fund II to €700 mln following the completion of €400 mln of acquisitions by the fund in Q1. The company is also finalising the acquisition of another €100 mln of assets.
