Allianz acquires first tranche of €80m Italian logistic portfolio

Allianz Real Estate, the property arm of the German insurer, has completed the purchase of two logistics warehouses in Northern Italy in an off-market deal for €33.6 mln through its Italian logistics fund managed by Investitori.

The deal represents the first tranche of an €80 mln logistics portfolio acquisition, for which a preliminary sale and purchase agreement was signed in May.

'Our Italian logistics portfolio continues to grow, consolidating our position in a dynamic market driven by highly attractive trends,' said Donato Saponara, head of Italy and head of transactions for Western Europe, Allianz Real Estate.

'Logistics occupies a central role in our wider investment strategy and the acquisition represents the next step in creating a large logistics platform in Italy, leveraging on team knowledge of the asset class and market, Saponara added.

The two 45,000 m2 assets, located in Liscate (Milan) and Montegalda (Vicenza), have been acquired on behalf of several Allianz group insurance companies as part of a European logistics strategy. The completion of the acquisition of the other two assets which make up the portfolio is foreseen within the end of the year.

Both assets have direct access to key transportation infrastructure and are seen as regional distribution centres due to their size. They are fully let on on a long term basis.

This is the second logistics deal by Allianz Real Estate in Italy, having announced in November 2018 the acquisition of a 55,000 m2 logistics hub, 10 km north of the city of Parma.

Allianz Real Estate has significantly increased its exposure to the logistics sector over the past few years. Logistics accounted for €5.6 bn of the firm’s total assets under management as at December 31 2018.

In March this year it partnered with AEW to launch a new develop-to-core strategy focused on funding speculative developments within the UK logistics sector. In February, Allianz Real Estate also announced that it had partnered with CBRE Global Investment Partners to acquire a Nordic logistics portfolio.

Allianz Real Estate was advised by Cushman & Wakefield (commercial aspects of the transaction), DLA Piper (legal, town planning and regulatory aspects), EY (tax) and Duff & Phelps (technical).

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