Italian asset manager DeA Capital Real Estate SGR has joined forces with London-based Palm Capital to launch a new closed-end investment fund focusing on logistics real estate.
The new vehicle, called Palm Partners Italy I, is said to be looking to reach a volume of €200 mln, according to well-informed market sources. It will focus on existing assets as well as new developments in Italy.
The fund has carried out the first acquisition with the purchase of a site near Novara for the development of a new logistics facility. Upon completion, the property will provide 64,000 m2 of space and will be let to a major international logistics company.
Reda Khatim, managing partner of Palm Capital, said the transaction marks the group's entry into the Italian market. 'We are excited to enter the Italian market with this interesting development opportunity. Over the years, we have built a solid track record in the European market that now drives us to invest in logistics in Italy, which we consider strategic. For this reason, we are determined to expand our Italian investment program with a long-term commitment to this market.'
Emanuele Caniggia, CEO of DeA Capital Real Estate SGR, commented: 'This operation demonstrates the centrality of our SGR in the Italian real estate market. Once again, our SGR has been selected by an important pool of international investors who choose the Italian logistics sector as a privileged asset class for their long-term investments.'
