Barings closes off-market purchase of major Italian logistics package

Real estate investment manager Barings has inked the off-market acquisition of three logistics properties in northeastern Italy on behalf of a core investment strategy. 

Financial details for the transaction, which was made through an Italian real estate fund managed by Kryalos SGR, were not disclosed.

The assets form part of a wider six-building portfolio, totalling 96,000 m2 of logistics space, which has been acquired by Barings over the last two years.
The first of the newly acquired assets is a 11,000 m2 warehouse which has been converted into a cold storage space and is let on a long-term lease to Unifreddo Srl, a cold storage logistics specialist, to enable it to double its capacity in the region.
The property is located in Isola Rizza, in the heart of the Veneto region, 20 km from the city of Verona.
The remaining two assets are located in San Giorgio (Mantova) and are build-to-suit forward purchases, which have been delivered by specialist developer, Techbau S.p.A. The developments, which are targeting a LEED ‘Gold’ score, comprise 46,000 m2 and 18,000 m2 of Grade A logistics space respectively, and are let to STI Spa, a well-known Italian 3PL, on a long-term lease.
Both warehouses are situated in Mantova, which is located in the logistics sub-market of Verona.
‘This complex transaction, which we have completed over two years, demonstrates our ability to work flexibly with owner occupiers in order to help them realize their expansion strategies, whilst delivering high quality space that meets specific occupier requirements, especially in the growing cold storage sector,’ said Marco Corti, managing director, real estate country head – Italy at Barings. ‘This investment also provides sustainable long income for our clients. In Italy alone, we have acquired a total of 250,000 m2 of logistics space and secured a pipeline of a further five transactions totalling 250,000 m2 of logistics warehouses as we continue to expand our logistics platform in Italy in the near future.’
Gunther Deutsch, managing director, head of real estate transactions – Europe at Barings, added: ‘This further off market transaction proves the strength of our connections in our local markets as well as our ability to act as a strategic partner for owner occupiers looking to expand their businesses with build-to-suit and sale and lease back opportunities, this time in Italy. With a target of €1 bn of logistics transactions in 2021, we remain interested in pursuing both speculative development and forward funding transactions in the Nordics, The Netherlands, the UK, Germany, Italy, France and Spain. Additionally, we will consider the development of larger logistics parks through potential partnerships with developers.’
Barings and Kryalos SGR were advised by Keygre Brokerage Srl. K&L Gates acted as legal advisor.


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