Investment manager Barings has acquired six logistics properties in Veneto, Italy, on behalf of an institutional investor.
Financial details were not disclosed.
The portfolio comprises around 95,000 m2 in two parts. These are a portfolio of four cold storage and traditional warehouses, totaling around 34,000 square m2, which are fully let to a specialist Italian logistics operator.
The second element of the transaction is a forward purchase of the development of two build-to-suit Grade A traditional warehouses totalling around 61,000 m2, which are also fully let on long-term leases to another logistics operator. Completion is expected in 2020.
All six properties are located at the intersection between the east-west and north-south of Europe’s core network corridor in Verona.
Valeria Falcone, managing director, real estate country head for Italy, said: ‘This transaction presents a rare opportunity to acquire a high quality logistics portfolio, producing sustainable, index linked income in a market with strong fundamentals, partnering with third party logistics operators in northern Italy.
'These assets play an important role in the occupier’s distribution network due to their prime locations which offer excellent connectivity across Europe and the rest of Italy.’