Spazio Investment has submitted a binding offer to acquire one of the largest freight terminals in the Milan area from Ortensia for EUR 31.5 mln. The 29,200 m[sup]2[/sup] asset is on a 150,000 m[sup]2[/sup] plot of land in Melzo, about 20 km east of Milan. The property includes 3,000 m[sup]2[/sup] of empty office space, a logistics platform and a freight terminal.
Spazio Investment has submitted a binding offer to acquire one of the largest freight terminals in the Milan area from Ortensia for EUR 31.5 mln. The 29,200 m2 asset is on a 150,000 m2 plot of land in Melzo, about 20 km east of Milan. The property includes 3,000 m2 of empty office space, a logistics platform and a freight terminal.
The property is almost entirely leased to Sogemar for intermodal freight, and to Interpacking Logistic and Interservices for logistical use. The estimated open market value of the asset is EUR 33 mln. The gross annual rent comes to about EUR 2.3 mln. The transaction is expected to complete in October 2007 through the execution of a definitive sale and purchase agreement, subject to the completion of due diligence. 'Spazio believes that this is a key infrastructure asset as more freight is increasingly being transferred to the rail network,' Spazio Investment said. The company is registered in the Netherlands and listed on the AIM segment of London stock Exchange. Spazio is externally managed by Pirelli RE Netherlands and Spazio's sole investment is the ownership of 100% of the units of Spazio Industriale - a closed-ended Italian fund focused on logistics and industrial real estate.
