US privately-held developer-investor Hines has finalised a major investment in a new state of the art logistics project in Verona, Italy as part of a joint venture with a major international private equity player.
At completion, the project is expected to require an investment of up to €300 mln via the Vicus I fund managed by Prelios SGR.
The logistics park in Vigasio, in the province of Verona, will be developed over two phases; the first, requiring an investment of €120 mln, will lead to the construction of four buildings over an area of 200,000 m2 by 2023. The second, will involve a further investment of up to €180 mln. Upon construction completion, the site will seek LEED Gold certification.
The transaction is part of Hines’ broader logistics strategy throughout Europe to deliver first class buildings and services for logistics customers. In Italy, the firm has developed a platform of over 380,000 m2, which, in addition to the Vigasio logistics hub, includes the investments made in Bologna, in the Castel San Pietro area, and in Northern Italy with three properties in Tortona, Brescia and Montichiari. In light of the transactions year to date, Hines is on track to deploy €1 bn of capital in the logistics sector in Italy by the end of 2022.
Mario Abbadessa, senior managing director & country head of Hines in Italy: 'We have great interest in the industrial and logistics asset class and aim to become a statement player in Italy in this fascinating sector. With this transaction we are further expanding our logistics platform in the North East area, and over the coming months we will continue to focus on both logistics parks and last mile logistics across the main Italian cities.'
