BNP Paribas REIM Italy, on behalf of the pan-European Eurozone Logistics Fund (ELF) managed by BNP Paribas REIM Luxembourg, has completed the acquisition of a logistics property located in Villamarzana, province of Rovigo.
Financial details were not disclosed.
The Grade A building, fully leased to an international operator, has a total area of 44,800 m2 and is strategically located near the Villamarzana motorway exit.
This asset is one of the fund’s last three acquisitions. Together with a Vienna deal and a Dublin buy, this latest acquisition completes the capital deployment of the ELF fund, according to the company.
Laurent Ternisien, chief client officer of BNP Paribas REIM and CEO of BNP Paribas REIM Luxembourg said: 'This acquisition helps strengthen the European diversification of the fund and completes its capital deployment, which is now composed of 15 new logistic platforms located in prime logistic areas spread over six countries. In addition, this asset is fully let to quality tenants.'
The signing of the deal in Vienna occurred on 19 July and was the final one of the fund, for an investment volume around €50 mln. The asset is a last mile logistics warehouse located in Vienna, occupied at 87% by Amazon with a 15-year lease, composed of two logistics buildings and a parking deck for electric vans. The closing will occur at the delivery of the parking deck in Q1 2022.
The ELF fund is a Sicav-Sif based in Luxembourg, dedicated to institutional investors, with an investment strategy aimed towards logistic assets that have a strong sustainable development dimension. The fund offers geographical diversification within the Eurozone logistics sector to international institutional investors.
BNP Paribas REIM Italy SGR was supported by Dentons Europe as legal advisor, Fivelex Studio Legale e Tributario as tax advisor and CBRE Italy as technical advisor.