Private equity real estate investment manager Meyer Bergman has made its maiden investment in last-mile logistics with the purchase of a portfolio of nine properties in northern Italy from private developer Logiman.
The acquisition was made on behalf of its latest fund, Meyer Bergman European Retail Partners III. The transaction volume was not disclosed.
The portfolio comprises three developed warehouses and six build-to-suit warehouses currently under construction to be completed in 2019.
The properties comprise a total of 45,000 m2 of space and are located in the Greater Milan region, in the cities of Piacenza, Brescia, Cremona, Verona and Treviso. Existing tenants and future occupiers of the fully-let portfolio include DHL, FedEx and TNT.
'Last-mile logistics is a natural extension of our urban mixed-use investment strategy and provides our investors with exposure to a new type of retail-led asset class at a time of significant change in the industry,' said Marcus Meijer, CEO of Meyer Bergman.
'The pace of growth in European e-commerce is creating strong demand for these assets as brands adopt an omnichannel approach to remain relevant to consumers in today’s competitive markets. We have established a strong pipeline of investment opportunities in supply-constrained markets in Europe.'
Meyer Bergman said its research has identified strong demand for last-mile warehouses in urban infill locations across Europe. The company announced its move into the sector last month and appointed Marco Riva to take responsibility for investments. Riva joined the firm from Logicor, where he worked for five years and invested over €2 bn in logistic properties.
'This portfolio allows us to establish a position of scale in the fragmented Italian market, where online retailing lags behind other countries in Europe,' said Riva.
'As e-commerce accelerates to grab a growing share of retail sales in Italy, we expect significant demand for modern and high-quality last-mile facilities in close proximity to the major cities, like the ones we have acquired.'
