CBRE Global Investors has completed the acquisition of a grade-A logistics asset located in Lazzate, Italy on behalf of the CBRE European Industrial Fund (EIF). The asset was acquired from Italian developer Techbau in an off-market transaction.
The asset was built in 2017 and comprises 37,000 sqm of flexible space with a layout that can be divided into four separate units. The property is currently fully leased to CEVA Logistics, which manages the logistics operations for a leading global chemical and consumer goods company located 5 km away.
The logistics asset is based 40 km north of Milan and 30 km from the Swiss border and has first-class transport links and good connections by road. With strong demand and limited supply within the Milan logistics market, local market conditions make it one of the most attractive industrial assets in the region.
Pierre-David Baylac, Fund Manager of the European Industrial Fund (“EIF) at CBRE Global Investors said: “We are delighted to have worked again with Techbau after the acquisition of a 65,000 sqm asset in Nogara (Verona) last year. The Lazzate asset is a prime warehouse in a great location close to Milan, making it an excellent addition to our EIF portfolio. It is perfectly in line with our selective investment criteria and can accommodate a wide range of tenant requirements, offering potential divisibility.
With this latest acquisition, our Italian logistics portfolio now comprises six assets covering 262,000 sqm. With 100% occupancy and a positive market outlook, we are actively considering further investment in Italy in 2018.”
Alberico Radice Fossati, Head of Transactions Italy at CBRE Global Investors, added: “Thanks to a dynamic tenancy market in 2017 and 2018, Italian logistics assets provide stable income streams for investors. Strong tenant demand and a shortage of prime assets are driving strong yields and so we are continuously developing our pipeline of grade-A opportunities within this asset class.”
Source : Company