A Deka Immobilien fund has sold an Italian logistics portfolio to an international investor for an unnamed sum.
DIE Italy SICAF, managed by IQ EQ Fund Management for Deka Immobilien Investment, divested the portfolio from the real estate assets of the Deka-ImmobilienEuropa open-ended property fund.
The logistics buildings are located in Castel San Giovanni, approximately 25 kilometres west of Piacenza and 70 kilometres south of Milan, and have excellent motorway access.
They comprise a leasable area spanning around 165,000 m2, which is largely occupied by major international 3PLs players.
The fund acquired the newly built distribution facilities in 2004 and 2011 respectively. They have been rated Very Good by BREEAM-In-Use, the British certification for sustainable construction.
The fund management team said that the transaction was an opportunity to 'exploit the high demand for logistics real estate and realise sale proceeds for the investors'.
