Schroder Property Investment Management Italy has announced the sale of a 32,000 m[sup]2[/sup] logistic centre in Basiano near Milan to TMW Pramerica Real Estate Investors. Schroder Italy Fund N1 has disposed of the newly-built property for a price of approximately EUR 26.8 mln, representing a gross yield of 7.87%.
Schroder Property Investment Management Italy has announced the sale of a 32,000 m2 logistic centre in Basiano near Milan to TMW Pramerica Real Estate Investors. Schroder Italy Fund N1 has disposed of the newly-built property for a price of approximately EUR 26.8 mln, representing a gross yield of 7.87%.
The facility has been rented out to Decathlon Italy for a period of over 18 years, the company said. The acquisition is earmarked for Pramerica Real Estate Investors' BTI fund.
Schroder was advised by Cushman & Wakefield, DLA Piper assisted TMW Pramerica Property Investment in the acquisition and refinancing offered by ING Real Estate Finance.
The transaction follows the sale by Schroder's Italy Fund N1 last year of a portfolio of three office properties for a total of EUR 200 mln.
