CBRE Global Investors has acquired a 120,000-m2 Italian logistics portfolio which includes a 40,000 m2 Grade A logistics warehouse and 194,000 m2 of land for an 80,000 m2 speculative development.
The portfolio was acquired off-market on behalf of the Logistics Venture Fund from Techbau.
Financial details were not disclosed.
The Grade A warehouse is located in Turate (Como), North of Milan. The logistics single-dock asset is let for nine years to a well-known Italian retailer. Located close to the intersection between A9 (Milan-Como-Switzerland) and the new A36, it benefits from excellent connectivity within Italy and cross-border transportation.
The 194,000 m2 plot of land currently being developed for the 80,000 m2 logistics cross dock is located in Castrezzato, east of Milan. Benefitting from good transport links that serve the east part of the Lombardy Region (Milan, Brescia and Bergamo) as well as Venice and Verona, the distribution warehouse is expected to be delivered in Q3 2020.