European asset manager AEW has acquired a logistics property in northern Italy on behalf of its Logistis fund.
The asset was purchased from third-party logistics operator DSV in a sale-and-leaseback transaction. It is leased in its entirety to DSV.
Financial details were not disclosed.
The warehouse comprises a total of 127,100 m2 of logistics space and is located on the A4 motorway linking Turin and Milan. It provides access to Milan Malpensa Airport to the east, and the international port of Genova to the south.
Logistis currently holds over 2.5 million m2 of prime logistics space with an occupancy rate of around 99%. The fund aims to grow its pan-European portfolio to a target size of over €3 bn.
‘With this transaction we have now completed 70% of our investment programme for Logistis, following our most recent €400 mln capital raise in July last year, giving the fund a combined investment volume in 2015 and 2016 of €1.5 bn,’ said fund manager Rémy Vertupier.
‘We will now look to build on this success, and on AEW’s long-running track-record in the logistics sector, by continuing to source compelling investment opportunities for the fund. To this end, we have identified a number of potential opportunities in Italy and across Europe more broadly, and we should make further announcements in the near term,’ he added.
