Allianz Real Estate, acting on behalf of several Allianz group companies, has further expanded its portfolio of Italian logistics facilities with an off-market acquisition of a grade A asset in Lombardy. The transaction has been completed through its Italian logistics fund, Investitori Logistic Fund, which is managed by Investitori SGR, an Allianz company. The asset was sold by Invesco Real Estate on behalf of their European Value-Add programme.
The acquisition of the Broni Logistics Park, the fifth logistics deal in Italy in the past 24 months, increases Allianz Real Estate’s total Italian logistics portfolio to EUR 386 million in assets under management.
The c. 150,000 sqm park, completed in 2019 and comprised of four separate units divided into five modules that can be split into nine if necessary, is fully let to tenants operating in diversified sectors including third-party logistics, retailing and home cleaning. The assets, built to high technological standards, are certified BREEAM Very Good.
The Broni asset is strategically well located around 50km south of Milan, facing the A21 motorway which connects Turin to Brescia and passes through Piacenza. It offers excellent access to the key metropolitan areas of Northern Italy and also wider European logistics corridors.
Allianz Real Estate expects to further 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 off market acquisition, one of the largest such parks in the region, offers additional diversification benefits such as tenancy profile to our Italian logistics platform. In addition, it offers an interesting yield and is in line with the firm’s aim to build the leading, directly owned scalable logistics platform,” said Donato Saponara, Head of Transactions for West Europe & Country Head of Italy, Allianz Real Estate.
“Diversification continues to play a fundamental role in our investment strategy which is why logistics remains a key focus for us. The sector is benefitting from the ongoing growth of online shopping and is seeing strong interest from institutional investors. In total, Allianz Real Estate has now grown its global exposure to logistics to more than EUR 8.8 billion in AUM, representing 11% of our global portfolio,” said Alexander Gebauer, CEO for West Europe, Allianz Real Estate.
