International real estate firm Hines has acquired 20 logistics assets located between Emilia Romagna and Lombardy, Italy, in an off-market agreement.
Financial details were not disclosed.
The properties, which comprise a total of 200,000 m2 of space, were purchased through the Italian fund HEVF II Italy managed by Prelios, on behalf of the Hines European Value Fund 2 (HEVF 2).
'We are pleased to start 2022 with an important investment in the logistics sector that consolidates our presence in the main intersections in Northern Italy. At Hines, we believe in the potential of the logistics sector in Italy and have set an investment target of around €1 bn in 2022.' commented Mario Abbadessa, senior managing director & country head of Hines Italy.
'We are proud to collaborate with Snatt Logistica Group, which is an international 3PL logistics leader in the luxury fashion industry, and we are certain that we will be able to develop a shared path for growth, guided by common values, including ESG, which is key to our DNA.'
The transaction involves the acquisition of the real estate portfolio from four different selling companies and the simultaneous leasing of the same portfolio to Snatt Logistica Group, a leader in the third-party logistics (3PL) sector focusing on the fashion industry. The lease term is for 15 years.
The assets are situated in strategic locations around the cities of Milan, Parma, Reggio Emilia, and Bologna. They are strategic, well-established logistic centres that enjoy effective, rapid connections with Italy’s main cities and the rest of Europe.
This latest investment adds to HEVF 2’s recent investment in four new industrial and logistics assets in Northern Italy in Bologna, Tortona, Montichiari and Brescia, totalling over 180,000 square metres of class A space.
When combined with the fund’s additional logistics assets across Europe, HEVF 2 now has an aggregate logistics portfolio of over €700 mln.
Italy's Snatt Logistica Group is currently managing the assets and following the transaction will become the tenant.
Snatt Logistica focuses on an investment policy with sustainability embedded into its business processes to include environmental, social and human issues, also fitting with Hines' strategy of seeking tenants with strong ESG convictions.
Over the last 12 months, Hines has developed a logistics platform of almost 600,000 square metres across Northern Italy with an investment of around €500 mln in 2021.
Hines was advised by Cappelli RCCD, EY and Yard Reaas Group. Snatt Logistica Group was assisted by White & Case, Studio Dicierre and Studio Mattioli.
