Le mie ricette per la real estate communityBarings, one of the world’s largest diversified real estate investment managers, has agreed the forward purchase of a 90,000 sq m Grade A logistics development in Mantua, Italy, in an off-market transaction on behalf of PELV, a pan-European logistics joint venture between a U.S. insurance company and a Middle Eastern sovereign wealth fund targeting core+/value-add assets. The parties agreed not to disclose the purchase price.
Work has begun on the sizeable logistics facility in northern Italy, with construction set to progress in two phases before final completion in early 2024. The premium logistics space is well located in close proximity to the A22 motorway, offering access to Verona, one of the most active and strategic logistics sub-markets for Italian operators. The scheme, to be developed by a leading Italian logistics construction specialist, will deliver two Grade A warehouses, with ESG credentials that include LEED Gold certification.
The off-market acquisition marks the first deal in Italy for the joint venture and brings its European portfolio to six assets covering c. 400,000 sq m. The joint venture partners have recently doubled their equity commitment into PELV targeting a total portfolio size of €1 billion by deploying it into its target markets, which include the UK, Benelux, Germany, Spain, and the Nordics.
Marco Corti, Managing Director and Head of Italy at Barings, said: “This state-of-the-art logistics facility will be well positioned to take advantage of both the superb transport links within the Verona sub-market, as well as the increasing occupier demand for prime quality space that meets their ESG requirements.”
Source : Company