Global real estate investor, developer, and property manager Hines has acquired a 40,000 m2 logistics asset in Savona, Italy.
This is the first investment of core-plus fund Hines European Property Partners (HEPP) in Italy and was conducted through a fund established and managed by Colliers Global Investors Italy SGR.
Financial details were not disclosed.
The asset is entirely leased as a logistics hub to Conad Nord Ovest, a cooperative operating in northwest Italy and part of the Conad Group, the largest organization of independent Italian retail entrepreneurs.
The logistics hub is located just outside the container terminal in Savona, in a privileged position to reach the main commercial ports of Genoa and the European highway network. Savona is also an ideal distribution center for all of northwest Italy, from Piedmont to Liguria up to the Aosta Valley.
Mario Abbadessa, senior managing director and country head of Hines in Italy, said: ‘Logistics continues to be a central asset for Hines, and this investment is further proof of that. For this sector, we want to offer an innovative and sustainable solution that meets the current needs of tenants. In addition to its strategic location, given the scarcity of similar establishments located between the coast and the mountains, the Savona asset also represents the first investment of the HEPP fund in Italy. This is a first step towards creating a broad investment platform characterized by long-term management with a high focus on ESG criteria.’
In line with HEPP's strategy to become net zero in carbon emissions by 2030, the property will be improved in terms of sustainability and ESG criteria, aiming to achieve BREEAM Very Good certification.
A 2.5 MW photovoltaic system is already operational, making the building completely self-sufficient from an energy point of view, while the surplus green energy can be sold on the market.
