South Korea's Vestas Investment Management has signed one of the largest logistics deals in Europe this year with the purchase of a major property in Northern Italy.
The asset in Torrazza Piemonte was sold on an off-market basis by developer Logistics Capital Partners (LCP) for an undisclosed amount. However, well-informed market sources told PropertyEU that Vestas is paying in the region of €100-150 mln for the newly constructed facility.
The 150,000 m2 asset - which has been let under a long-term lease to online retailer Amazon - is believed to represent the first acquisition by Vestas in Italy.
As part of the deal, Vestas has also agreed to a long-term asset management relationship with LCP in Italy.
'This transaction represents a significant deal for Italy and for BNP Paribas Real Estate,' said Daniele Martignetti, head of capital markets at BNP Paribas Real Estate Advisory Italy, which advised the buyer on the deal. 'It confirms the appeal of the Italian markets within the European context considering the new equity coming from Asia, either on logistics, that today represents not anymore a residual asset class but an alternative target to office and retail.'
Anita Simaza, head of European logistics and industrial at BNP Paribas Real Estate added: 'After the Bardon Logistics property in the UK, So Ouest Plaza office property in Paris, and the e-commerce logistics centre in Szczecin, this is the fourth transaction between BNP Paribas Real Estate and Vestas Investment Management. It shows the strength of our cross-border Logistics & Industrial business which is so far this year the largest in Continental Europe by volume, as well as our capacity to bring South Korean Investors into the market.'