Property fund Holding Cinque has sold a logistics park in Paullo, Milan to Sireo Immobilienfonds No.4 SICAV for EUR 31 mln. The transaction reflected a gross yield of 6.5 %. The vendor was advised by Savills while Redilco represented the purchaser.
Property fund Holding Cinque has sold a logistics park in Paullo, Milan to Sireo Immobilienfonds No.4 SICAV for EUR 31 mln. The transaction reflected a gross yield of 6.5 %. The vendor was advised by Savills while Redilco represented the purchaser.
Located 15 kilometres from Milan the 44,430 m2 logistics space can accommodate up to 300 lorries per day. The property also includes 1,843 m2 of office space. Number 1 Gruppo Barilla currently holds a 12-year lease for the entire park, which it can renew for a further six years. Annual rent starts at EUR 2.145 mln and is indexed annually.
Commenting on the transaction, Roberto Vaccari of Savills said: 'This deal represents the constant level of strong interest of non-Italian investors in logistics platform properties, if well positioned in strategic locations, as in this case.'
