Italian fund manager Kryalos has acquired two logistics assets in Italy from Barings in an off-market deal.
Financial details were not disclosed.
Barings acquired both warehouses in 2019, as part of a core strategy on behalf of a separate account for Asian clients. The properties were held in an Italian real estate fund managed by Savills IM.
Marco Corti, managing director and Italian country head at Barings Real Estate, said: 'Having executed our business plan against these assets and secured very pleasing returns for our investors, completing this sale marks the latest success for the local team.
'With investment appetite for the logistics sector still strong, as confirmed by Q1 2022 figures, we are keen to explore further value-add and core/core+ opportunities in the Italian market.'
Located in Cavenago and Cambiago, both Grade A warehouses are fully let with long-term leases to an Italian-listed company, and span approximately 66,100 m2 and 24,100 m2 respectively.
Gunther Deutsch, managing director and head of European real estate transactions at Barings Real Estate, said: 'Logistics remains a sought-after sector for our investors due to the strength of its fundamentals, including a strong imbalance between supply and demand, low vacancy, and still compelling ecommerce sales.
'Having completed this sale, and with a significant pipeline of new projects in Italy and across Europe in the logistics, residential and office sectors, we will continue to work with partners, including developers in joint ventures, across our preferred jurisdictions of the Nordics, the Netherlands, Germany, Italy, France, Spain and the UK.'
The assets are in a prime location within the core Milanese logistics market, along the A4 motorway that serves as the most important route for the Italian logistics sector.
At the end of 2021, the logistics sector was Italy’s highest asset class by transaction volumes, with €2.9 bn transacted (+66% year-on-year) and a take-up of some 2.5 million m2 (+9% year-on-year).
