PATRIZIA AG, a leading partner for global real assets, has acquired a newly built cold storage logistics asset near Milan, Italy, from Savills Investment Management SGR S.p.A., on behalf of its institutional clients through one of its flagship logistics funds.
The c. 31,000 sq m cold storage asset was completed in Q2 2021 and is fully let to Kühne & Nagel, a leading pan-European 3rd party logistics company, and Movi.Log Srl, a frozen food distributor, with a WALT of 7.5 years. The property has been built to a high specification with sprinklers, elevations and ample refrigeration space that has a temperature range between 4°C and -28 °C. Sustainability was a key consideration during its development. The asset includes two photovoltaic plants for a total power capacity of 2.5MW and is targeting a BREEAM rating.
The property is located in Casorate Primo, a municipality in Lombardy between the cities of Milan and Pavia, a prime industrial and logistics location in northern Italy. It benefits from excellent transport connectivity via the nearby A7 motorway which connects Milan with Genoa and enables access to France and Switzerland.
Pierluigi Scialanga, Head of Transactions at PATRIZIA Italy, commented: “The property is well located and has excellent sustainability credentials, while lettings to tenants with strong covenants will deliver long term reliable returns. Our Italian AUM has grown significantly in recent years to now over EUR 1 billion with plans to grow further. Logistics is a strategic sector for PATRIZIA Italy. We have so far invested EUR 400 million in logistics and have a pipeline of a further EUR 160 million of logistics transactions which we are completing.”
With this transaction, PATRIZIA further strengthens its presence in the logistics segment in Italy, in which it already has assets with a total area of more than 730,000 sq m throughout the country.
As a whole, the logistics segment represents around 45% of the assets that PATRIZIA manages in Italy, with a total value of nearly EUR 1 billion.
Since the end of 2019, the AUM of PATRIZIA’s logistics segment has grown to over EUR 6 billion. The strength of logistics assets is underpinned by strong occupier demand and extremely low vacancy rates across Europe, and its yields have consistently outperformed those by other asset classes in recent years.
Source : PATRIZIA