has acquired a 78,000sqm site in Italy from a private Italian company to develop a logistics project.
The manager has invested an unspecified amount through an Italian real estate fund managed by SGR, to acquire the site in Balocco on behalf of its pan-European logistics joint venture PELV.
The site in the Province of Vercelli has planning consent for the development of a 33,000sqm logistics warehouse.
The Balocco acquisition is the second investment for PELV in Italy, following the acquisition of two warehouses in Mantova Nord. PELV, which invests in core-plus to value-add logistics property in prime European markets, is a joint venture between a US insurer and a Middle Eastern sovereign wealth fund.
Marco Corti, managing director and country head Italy at Barings Real Estate, said: 鈥淭he acquisition of this asset reflects our deep interest in the logistics asset class in Italy, with a strong focus on delivering Grade A products in strategic submarkets in the north of the country.
鈥淲ith a record level of take-up by occupiers in 2023 鈥� including the six letting deals that Barings made, for a total of circa 300,000sqm 鈥� the logistics sector in Italy continues to appeal to investors and it therefore remains one of our preferred sectors, in Italy and across Europe.鈥�
Gunther Deutsch, head of European transactions at Barings Real Estate, said: 鈥淭his deal represents our appetite for prime logistics assets and demonstrates our continued activity across core and value-add investments. We expect trends in the logistics space to continue from 2023 into the new year: namely, demand for modern, prime spaces with excellent ESG credentials.
鈥淲e additionally continue to seek investment opportunities in Italy in the student housing and build-to-rent/build-to-sell sectors, including JV partnerships. This mirrors our appetite across the European continent including Italy, Germany, the Nordics, the UK, France, Spain and the Netherlands.鈥�
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