Hines and Allianz Real Estate have penned an €80 mln investment in the Urban Mile fund managed by Blue SGR that see the acquisition of 110,000 m2 of brownfield land in Via Rubattino in Milan for a logistics hub.
The new property will be one of the largest logistics hubs for the city of Milan and will be built over the next 36 months, said the parties.
It will be developed near the eastern ring road, Linate airport and the Segrate intermodal terminal, which connects Italy with Northern Europe, including Germany, Belgium and The Netherlands, and Southern Italy.
The investors also said its design had been worked out to comply with Carbon Risk Real Estate Monitor (CRREM) metrics, which aim to accelerate decarbonisation and increase the resilience of commercial buildings to climate change.
Specifically, it will include photovoltaic panels, filtering paved surfaces for water drainage, low-consumption LED lighting, high-performance cladding to dissipate external heat and maintain the internal temperature and tree-lined environmental corridors to limit the impact on the surrounding environment.
It is also expected to be awarded a BREAAM ‘Very Good’ certification upon completion. The already reduced CO2 emissions will also be offset by the creation of an internal green area with drainage functions covering over 22,000 m2.
Mario Abbadessa, senior MD and country head of Hines in Italy, said ‘This is our second investment in the logistics sector this year.’
Donato Saponara, head of investments West Europe and country head of Italy at Allianz Real Estate, said: ‘Our focus is on building our exposure to logistics alongside prime partners, developing cutting edge facilities that incorporate our approach to ESG alongside addressing the shortage of supply.’
According to the investors, the whole Ex Innocenti area hasn’t been redeveloped for over 10 years. The project is part of the implementation of the Grande Funzione Urbana Rubattino, envisaged by the Municipality of Milan, which covers over 300,000 m2.
Advisors on the transaction include EY, LED Taxand, Gianni & Origoni, Yard reaas and Dils. Todarello & Partners dealt with urban planning and SFRE as the architecture firm.
