SFO Capital Partners, the London-based global real estate investor and investment manager, and Garbe Industrial Real Estate, have agreed terms with Italy's UniCredit to develop an asset in the greater Milan region.
Located in the heart of Lombardy region, one of Europe’s most prominent logistics hubs, and in direct proximity to the A7 motorway, the project is a greenfield construction site currently being developed into a project of around 83,000 m2 high-quality warehouse targeting a LEED Platinum certification.
SFO Capital Partners and Garbe Industrial Real Estate jointly acquired the land back in October 2022.
The construction was launched in November 2022 and works are ahead of schedule, according to the investors, with the delivery expected by November 2023. The project is intended to attract blue chip tenants looking for a strong performing and strategic location.
Mohamad Abouchalbak, CEO at SFO Capital Partners, said: 'Our strategy to develop quality logistic space in critically undersupplied submarkets has been well received by prospective lenders despite the more challenging market environment. UniCredit is fully aligned with our strategy in Italy.'
Marco Grassidonio, MD of Garbe Industrial Real Estate Italy, said : 'The demand for logistics in Italy is very strong and above all on economical strategic areas such as the one identified together with our partner SFO Capital Partners.
Greenberg Traurig Santa Maria advised the investors while UniCredit was advised by Orsingher Ortu – Avvocati Associati.
