Allianz Real Estate, acting on behalf of several Allianz group companies, has acquired a portfolio of three brand-new, grade A logistics assets in Lombardy in an off-market transaction for EUR110 million. The acquisition has been completed through its Italian logistics fund, Investitori Logistic Fund (ILF) which is managed by Investitori SGR, an Allianz Company.
The acquisition is the fourth secured logistics deal in Italy in the past 18 months for Allianz Real Estate and will result in a total Italian logistics portfolio of EUR275 million in assets under management.
The assets will be 100% income producing upon acquisition. Each asset is located close to Milan and within the wider northern Italy logistic hub: Binasco (29,440 sqm) is close to Milan itself; Massalengo (55,000 sqm) sits between Milan and Piacenza adjacent to the A1, the main Italian motorway; and Ospitaletto (also 55,000 sqm) is in the ‘Golden Triangle’ zone, the wealthiest area of Italy.
Italy remains a core growth market for Allianz Real Estate. The firm is targeting to continue to grow its Italian portfolio in equity investments over the next three years. The focus will to be prime assets offering long-term value, particularly through office assets in Milan and Rome as well as out-of-town logistics facilities.
This latest acquisition is the third equity deal in Italy for Allianz Real Estate in the past two months. At the end of May, the firm acquired a prime office building in the central business district (CBD) of Milan for EUR140 million in a sale-and-leaseback deal with Crédit Agricole Italia. In June, it acquired a LEED platinum office asset in the CBD of Rome for circa EUR200 million from Omega Fund, a closed-end real estate fund managed by DeA Capital Real Estate SGR.
“We take a very positive view of the long-term strength of the logistics sector, with the Lombardy hub benefitting from compelling market fundamentals such as the continued regional growth of online shopping. This latest deal represents an excellent opportunity to purchase a grade A portfolio, well located at an attractive yield and capital value. Logistics as an asset class remains a key focus for Allianz Real Estate, having grown our global exposure in the sector to more than EUR 7.5bn AUM,” said Donato Saponara, Head of Transactions for West Europe & Country Head of Italy, Allianz Real Estate.
“We will continue to evaluate opportunities in different asset classes as diversification continues to play a fundamental role in our investment strategy. Looking forward, the logistics sector will very likely play a central role as we further expand in the Italian market, which continues to offer high-quality, prime assets on a select basis,” said Alexander Gebauer, CEO for West Europe, Allianz Real Estate.