Segro, the UK REIT specialising in the provision of flexible business space across Europe, has entered Italy with the acquisition of a EUR 84.5 mln business park in Vimercate, to the northeast of Milan. Acquired from Europa Capital, a UK-based pan-European real estate investment management firm, the 70,689 m[sup]2[/sup] park provides an initial yield of 7.4%. The site has the potential for a further 50,000 m[sup]2[/sup] of development, and Segro plan to gradually add further flexible business units there.
Segro, the UK REIT specialising in the provision of flexible business space across Europe, has entered Italy with the acquisition of a EUR 84.5 mln business park in Vimercate, to the northeast of Milan. Acquired from Europa Capital, a UK-based pan-European real estate investment management firm, the 70,689 m2 park provides an initial yield of 7.4%. The site has the potential for a further 50,000 m2 of development, and Segro plan to gradually add further flexible business units there.
The three main office buildings of the business park overlook the Milan A51 eastern bypass, and the park is within a business zone which is home to leading ICT firms, including Cisco, IBM and Microsoft. In addition to offices, the 15.2-hectare site offers light industrial, laboratory and related space, with Alcatel Lucent currently leasing almost 49,000 m2. Adjacent is the Torre Bianche mixed-use development with a shopping centre, offices, hotel, and a residential and leisure complex.
Segro plans to open an Italian office soon, and appointed Marco Simonetti as Country Manager earlier this month. Executive Director Walter Hens said that the Vimercate transaction gives Segro 'a real foothold in the Italian market, combined with strong development potential underpinned by a sound income stream'.
