German property investor Deka Immobilien has acquired a new development project for three warehouses in the northern Italian province of Piacenza for approximately EUR 60 mln. The project was bought from Milan-listed project development company Realty Vailog for Deka's Deka-ImmobilienEuropa funds.
German property investor Deka Immobilien has acquired a new development project for three warehouses in the northern Italian province of Piacenza for approximately EUR 60 mln. The project was bought from Milan-listed project development company Realty Vailog for Deka's Deka-ImmobilienEuropa funds.
'We took advantage of the opportunity to re-establish ourselves again in the Italian commercial property market for the first time after three years by the simultaneous acquisition of three of most up-to-date logistics properties in terms of standards,' said Thomas Schmengler, managing director of Deka Immobilien.
Deka said that the development project would take place in three construction phases with a total area of about 115,700 m2. The first construction phase of just under 54,000 m2 will be completed by mid-2009 and has been entirely leased long-term to the Italian retailer Upim.
Property funds companies of DekaBank have made a total of 12 investments on the Italian market to date. In addition to its new investment, its current portfolio includes eight office properties and a hotel in Milan, a logistics property in Castel San Giovanni (also in the province of Piacenza) and one Rome office property.
