Goldman Sachs Asset Management has joined forces with Milan-based Kervis SGR's Milione's investment fund to acquire two development land plots in Northern Italy.
The area, covering around 200,000 m2, has a value of around €130 mln and represents the first acquisition as part of a new investment joint venture between Goldman and Kervis aimed at building up a €1 bn logistics portfolio across Italy over the next 24 months.
The JV will seek to ammass a diversified portfolio with different risk profiles and including both brownfields and greenfields developments in prime locations. The partnership is currently evaluating opportunities in various regions of northern Italy such as Lombardy, Emilia Romagna and Veneto but also aims to cover the central portion of the peninsula, with a particular focus on Tuscany and Lazio.
Farbod Nia, executive director of the Real Estate division of Goldman Sachs Asset Management, said: 'We see great opportunities in the logistics sector across Europe and particularly in Italy. There is enormous potential for the development of efficient logistics assets.'
Giulio Bentivoglio, CEO of Kervis SGR, said: 'Logistics is currently attracting the interest of many investors in Italy and we believe we are well positioned to fully exploit its potential thanks to our experience in real estate development.'
