German property investors Union Investment and Garbe Industrial Real Estate have jointly acquired a portfolio of two new logistics buildings in Italy via an off-market transaction.
The properties, which have a combined floor area of around 137,600 m2, were purchased from HEVF 2 Italy, a fund invested by Hines and managed by Prelios SGR.
Althought the buyers did not disclose a price for the deal, the assets are understood to have been sold for €145 mln.
The two properties are earmarked for the logistics special fund, UII Garbe Logistik Fonds, which was jointly launched by Union Investment and Garbe in 2020, and has so far built up a fund volume of more than €850 mln. Within the framework of its Europe-wide investment strategy, it previously bought properties in Slovakia and the Netherlands.
Janica Gerecke, member of the management board of Garbe Industrial Real Estate and in charge of international business, commented: ‘We believe in a boots-on-the-ground approach because our local expertise enables us to ensure in-depth value creation. Together with our partner Union Investment, we recently had the opportunity to invest successfully in two prime logistics sites in Italy, and thus to implement our European growth strategy in a dedicated manner. In addition to Italy, we are closely studying the markets in the United Kingdom and Spain.’
Garbe has a presence in 16 locations across Europe, including, aside from Germany, Austria, the Netherlands, France, Luxembourg, Italy, Spain, the UK, the Czech Republic, Poland and Slovakia.
Marco Grassidonio, country head Italy at Garbe Industrial Real Estate, added: ‘Demand for logistics facilities is very strong in Italy, just like anywhere else in Europe. Especially in the economically robust metro regions of Milan, Bologna and Turin, as well as in the country’s key transport hubs, demand clearly outpaces supply. Owing to our direct market access, we were able to secure two investment opportunities for the fund.’
The new-build construction in Castel San Pietro Terme has around 83,600 m2 of effective floor area, divided among two interconnected buildings. The construction has been recently completed (September 2022). The asset is almost fully let to food manufacturer Alce Nero S.p.A., Arcese Trasporti S.p.A., Berardi Bullonerie and Torello Trasporti S.r.l. on long-term leases. Lease negotiations for the remaining unit are at an advanced stage.
The property development in Tortona is part of the Piacenza submarket, which lies within reach of Milan, Turin and Pavia. This property will have an effective floor area of 54,000 m2, and is already let in its entirety to Arcese Trasporti S.p.A., an international freight forwarder. Its completion is scheduled for Q1 2023.
Garbe handles the fund’s lettings, property management and asset management via its integrated platform while taking care of the investment management together with Union Investment.
