TH Real Estate has bought a 248,710sqft logistics centre in Monticelli d’Ongina, Italy, for an undisclosed sum.

TH Real Estate said the asset, which was bought on behalf of one of its logistics strategies, was sold by Cerrius.

Built in 2011, the logistics centre has 223,070sqft of warehouse space and around 25,620 sqft of office space, split over three floors.

The asset is fully let to SDA Poste Italiane.

Tim Hennes, a fund manager at TH Real Estate, said: “The success of this first acquisition in Italy demonstrates the wide appeal of our strategy, offering investors an exclusive opportunity to make timely investments in high-quality core logistics assets in established European locations.

”The Italian real estate market is increasingly attractive. We have therefore created a local investment structure, which enables this strategy to invest efficiently in Italy going forward whilst at the same time aiming to optimise investment returns for our investors.”

Laura Beltrametti, a portfolio manager at TH Real Estate, said: “Considered to be one of the top logistics regions in Italy, this asset benefits from very good access to the main transport route connecting the north and south of the country.

”The Grade-A quality of the building makes this asset an ideal fit for the strategy.”

The strategy was launched in late 2016 to provide an investment opportunity for German clients.

It targets a diversified portfolio across its core countries Italy, France, Spain and the Netherlands, all of which show a rising demand for logistics facilities.

TH Real Estate is a property investment manager owned by US financial services group TIAA.