Global investor TH Real Estate has acquired a second premium logistics centre in Italy on behalf of its European logistics portfolio from Italian developer Ecodem.
Financial details were not disclosed.
Located 25 km south of of Verona in Isola Rizza, the logistics hub was built in 2017 and comprises 244,340 ft2 (22,700 m2) of space.
An extension of 80,729 ft2 (7,500 m2) will be completed in Q3 2018. The Grade A-building is fully let to a large grocery stockist and delivery company.
'The Italian real estate market is increasingly attractive, due to its liquidity and e-commerce-backlog,' said Tim Hennes, senior investment manager at TH Real Estate.
'We see a strong demand on logistics space in this region as well as potential growth for domestic logistics. The transaction of this building will secure the long-term and sustainable expansion of our European logistics platform with plans for further acquisitions both in Europe and in Italy.'
Isola Rizza is close to Italy’s busiest motorway, the A4, which connects it with the cities of Torino and Venice.
'Due to its strong location, excellent connectivity to main transport routes and an existing third-party use, the asset meets with all our requirements for a core investment, making the Isola Rizza distribution centre an ideal fit for our European logistics strategy,' said Laura Beltrametti, portfolio manager at TH Real Estate.
The European logistics portfolio has now reached €220 mln, including nine logistics assets in its four core countries Italy, Spain, France and the Netherlands. Current investors are pension funds, insurance firms and banks.
