Segro is buying an Italian logistics developer for €39.6m (£28.1m).

The UK-listed investor will take a 90% stake in Vailog from its majority shareholder, FBH.

The remaining 10% stake is retained by Eric Véron, co-founder of Vailog, who will remain managing director.

The deal, expected to complete by the end of next month, will add a team of 10 staff specialised in big box logistics development in northern Italy.

Vailog, founded in 2003, currently owns a 124,000 sqm portfolio of assets near Bologna and Milan, as well as a land bank of up to around 500,000 sqm. 

The firm’s portfolio contains property assets valued at €104.8m.

David Sleath, SEGRO’s chief executive, said: “Northern Italy is one of the major Continental European logistics markets, benefiting from a strong manufacturing heritage and an affluent population.

“SEGRO has been active in the region for some time, but the acquisition of Vailog provides an immediate logistics platform there.”

Vailog, which has developed more than 1.5m sqm of logistics in Italy, France and the Netherlands, is working with investors including Deka Immobilien, AEW and Hines.

In March, Segro said it sold the last of the six large non-strategic assets identified for disposal by the firm in 2011.