Global real estate investor and investment manager SFO Capital Partners and European logistics specialist Garbe Industrial Real Estate, have completed the acquisition of a greenfield development land located in Greater Milan.
The plot will be developed into a 83,000 m2 leasable warehouse area with high technical and environmental standards. This acquisition is located in the heart of Lombardy, one of Europe’s most prominent logistics hubs.
The firms said that following its construction and lease-up, the building will be well positioned to attract core institutional investors who in the respective segment are looking for a stable cashflow at a strong performing location, incorporating exemplary ESG standards.
Mohamad Abouchalbak, CEO at SFO Capital Partners, said: 'We are thrilled to further expand our logistic real estate investment program with this acquisition in Northern Italy, in an asset class that continues to show outstanding resilience and is characterized by strong demand driven by e-commerce and a record low vacancy rate in Europe.
'We are executing our plan to assemble a cross-border logistic real estate portfolio of strategically-located assets in key markets, building on our successful divestment in the Netherlands earlier this year as well as our fruitful partnership with Garbe.'
Marco Grassidonio, country head Garbe Industrial Real Estate Italy, said: 'Together with our partner SFO Capital Partners we were able to secure this investment opportunity through direct market access.
'The development project is located in the Milan submarket and has excellent transport links. A building permit has already been granted and the completion of the project development is scheduled for November 2023.
'Our focus to executive design will allow us to target a Leed Platinum certification, in line with most advanced ESG criteria. The acquisition underlines GarbeE's ambitions to grow further in Italy.'
