Allianz Real Estate has completed the purchase of two logistics warehouses in Northern Italy in an off-market deal for EUR 33.6 million through its Italian logistics fund managed by Investitori SGR. This acquisition covers the first tranche of the investment in an EUR 80m logistics portfolio, for which a preliminary sale and purchase agreement was signed in May.
The two 45,000 sqm assets, located in Liscate (Milan) and Montegalda (Vicenza), have been acquired on behalf of several Allianz group insurance companies as part of its strategic priority to invest in Europe’s fast-growing logistics sector. The completion of the acquisition of the other two assets which make up the portfolio is foreseen within the end of the year. This is the second logistics deal by Allianz Real Estate in Italy, having announced in November 2018 the acquisition of a 55,000 sqm logistics hub, 10km north of the city of Parma.
Donato Saponara, Head of Italy and Head of Transactions for Western Europe, Allianz Real Estate
Donato Saponara, Head of Italy and Head of Transactions for Western Europe, Allianz Real Estate, commented: “Our Italian logistics portfolio continues to grow, consolidating our position in a dynamic market driven by highly attractive trends. Logistics occupies a central role in our wider investment strategy and the acquisition represents the next step in creating a large logistics platform in Italy, leveraging on team knowledge of the asset class and market. The assets represent excellent growth opportunities due to the local demand for high-quality distribution and logistics capabilities.”
Both assets have direct access to important transportation infrastructure. Due to their respective size, both are considered Regional Distribution Centres and have been let to strong tenants on a on a long-term basis.
Allianz Real Estate has materially increased its exposure to the logistics sector over the past few years. Logistics accounted for EUR5.6 billion of the firm’s total AUM as at 31 December 2018. In March this year it partnered with AEW to launch a new develop-to-core strategy focused on funding speculative developments within the UK logistics sector. In February, Allianz Real Estate also announced that it had partnered with CBRE Global Investment Partners to acquire a Nordic logistics portfolio.
Allianz Real Estate was advised by Cushman & Wakefield (commercial aspects of the transaction), DLA Piper (legal, town planning and regulatory aspects), EY (tax) and Duff & Phelps (technical).