Schroder Property Investment Managers said that its closed-end real estate fund Eurologistic Fund I has signed a purchase agreement for two fully let logistics assets located in Bologna and Novara, Italy, for around EUR 48mln. Completed in 2005, the properties provide some 61,000 m[sup]2[/sup] of space. Schroders said in a statement that one of the sites provides opportunities to expand the logistics complex.
Schroder Property Investment Managers said that its closed-end real estate fund Eurologistic Fund I has signed a purchase agreement for two fully let logistics assets located in Bologna and Novara, Italy, for around EUR 48mln. Completed in 2005, the properties provide some 61,000 m2 of space. Schroders said in a statement that one of the sites provides opportunities to expand the logistics complex.
'This acquisition allows us to diversify our logistic geographical allocation on two important logistic locations of Italy,' said Mathieu Cassinis, acquisition and sale director of Schroder Property Investment Italy. 'The area of Bologna has a very dynamic industrial activity with an increasing demand in logistic services and the area of Novara (west of Milan) due to the strong implementation of the infrastructure plans has a potential to become a prime logistic location.'
The transaction brings the total acquisitions made by Schroder Property Investment in Italian logistics property to around EUR 400mln. The assets are spread across Italy in the cities of Basiano, Bologna, Novara, Vigante, Brembio, Fiumicino, Villimpenta, Santa Palomba and Santa Cristina.
At the beginning of April, Schroder acquired a logistics site in Santa Cristina, south of Milan for EUR 44mln, reflecting a gross yield of 6.8%. In February it bought another asset in Brembio, south of Milan for EUR 20mln.
