European real estate investment manager Patrizia has expanded its last-mile logistics portfolio in Italy, acquiring two urban assets near Rome and Bologna for €50 mln.
The 36,800 m2 portfolio is fully occupied by major international tenants, providing resilient income stream and potential for strong rental growth, in line with Patrizia's focus on high-yielding assets.
The 9,000 m2 property in Rome, built in 2021, is leased to Stellantis &You, the retail arm of global car manufacturer Stellantis. It is located within the Grande Raccordo Anulare, surrounding the city and connecting it to the A1 and A24 hubs of the Italian motorway network.
The second building, built in 2022, is adjacent to Bologna airport and served by the ring road that connects to two main arteries such as the A1 and the A14. The 27,000 m2 property is rented to third-party logistics operators FedEx and Widem.
Built by logistics developer Scannell Properties, both assets feature modern design and construction standards, boasting EPC A energy efficiency ratings and BREEAM sustainability certifications.
Equipped with rooftop photovoltaic panels, the portfolio holds significant potential for further solar coverage, supporting Patrizia's decarbonization goals.
Pierluigi Scialanga, head of transactions in Italy for Patrizia, commented: ‘The persistent low supply of prime urban logistics assets in Italy’s key submarkets continues to offer a bright long-term outlook for its industrial sector. While the global market remains extremely challenging, our local approach combined with solid financial position and strong data intelligence ensures we are able to identify attractive opportunities for our investors and execute quickly when we are convinced of the quality of the deal.’
Nicolai Soltau, head of fund management logistics DACH, said: ‘This acquisition delivers excellent diversification benefits for our fund by expanding its footprint in prime markets across continental Europe. The investment perfectly aligns with our strategy to acquire high performing assets providing both a strong income profile alongside attractive value-add opportunities for driving future growth. We are excited to build on the already strong ESG credentials of the portfolio and invest in further sustainable initiatives over the coming years to accelerate the decarbonisation of the fund.’
Patrizia was advised by Simmons and Simmons, Pirola, JLL, CBRE and CF+.
This is Patrizia’s second logistics investment in Italy this year, following the acquisition of the 80,000 m2 Piacenza Business Park. Earlier this year, the company launched a €300 mln Nordics logistics platform following the purchase of a portfolio of 10 last-mile industrial assets in Sweden.
Patrizia's €7 bn logistics platform, Patrizia Logistik-Invest Europa III, homes in on prime, high-demand assets with robust tenant partnerships and promising growth potential.
