Milan
CBRE Global Investors Acquires 120,000 SQM Italian Logistics Portfolio
23 Mar 2020
CBRE Global Investors has acquired on behalf of its Logistics Venture Fund a circa 120,000 sqm Italian logistics portfolio which includes a 40,000 sqm Grade A logistics warehouse and 194,000 sqm of land for an 80,000 sqm speculative development. The portfolio was acquired off-market from Techbau.
The Grade A Warehouse is located in Turate (Como), North of Milan. The logistics single dock asset is let for nine years to a well-known Italian retailer. Located close to the intersection between A9 (Milan-Como-Switzerland) and the new A36, it benefits from excellent connectivity within Italy and cross-border transportation.
The 194,000 sqm plot of land currently being developed for the 80,000 sqm logistics cross dock is located in Castrezzato, east of Milan. Benefitting from good transport links that serve the east part of the Lombardy Region (Milan, Brescia and Bergamo) as well as Venice and Verona. The distribution warehouse is expected to be delivered in Q3 2020.
The Italian logistics sector has a number of positive indicators such as low vacancy rates (below 3%), high takes-ups and low yields (a record low yield was achieved in 2019 at 4.5%). These factors as well as the fundamentals of both assets in terms of location, scarcity of ready-to-go plots and a turn-key deal, makes this portfolio an attractive buy for the Fund’s investors.
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About CBRE Global Investors
CBRE Global Investors is a global real assets investment management firm with $112.9 billion in assets under management* as of December 31, 2019. The firm sponsors investment programs across the risk/return spectrum for investors worldwide.
CBRE Global Investors is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBRE). It harnesses the research, investment sourcing and other resources of the world’s largest commercial real estate services and investment firm (based on 2019 revenue) for the benefit of its investors. CBRE Group, Inc. has more than 100,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 530 offices (excluding affiliates) worldwide. For more information about CBRE Global Investors, please visit www.cbreglobalinvestors.com.
*Assets under management (AUM) refers to the fair market value of real assets-related investments with respect to which CBRE Global Investors provides, on a global basis, oversight, investment management services and other advice and which generally consist of investments in real assets; equity in funds and joint ventures; securities portfolios; operating companies and real asset-related loans. This AUM is intended principally to reflect the extent of CBRE Global Investors’ presence in the global real asset market, and its calculation of AUM may differ from the calculations of other asset.
The Grade A Warehouse is located in Turate (Como), North of Milan. The logistics single dock asset is let for nine years to a well-known Italian retailer. Located close to the intersection between A9 (Milan-Como-Switzerland) and the new A36, it benefits from excellent connectivity within Italy and cross-border transportation.
The 194,000 sqm plot of land currently being developed for the 80,000 sqm logistics cross dock is located in Castrezzato, east of Milan. Benefitting from good transport links that serve the east part of the Lombardy Region (Milan, Brescia and Bergamo) as well as Venice and Verona. The distribution warehouse is expected to be delivered in Q3 2020.
The Italian logistics sector has a number of positive indicators such as low vacancy rates (below 3%), high takes-ups and low yields (a record low yield was achieved in 2019 at 4.5%). These factors as well as the fundamentals of both assets in terms of location, scarcity of ready-to-go plots and a turn-key deal, makes this portfolio an attractive buy for the Fund’s investors.
– ENDS –
About CBRE Global Investors
CBRE Global Investors is a global real assets investment management firm with $112.9 billion in assets under management* as of December 31, 2019. The firm sponsors investment programs across the risk/return spectrum for investors worldwide.
CBRE Global Investors is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBRE). It harnesses the research, investment sourcing and other resources of the world’s largest commercial real estate services and investment firm (based on 2019 revenue) for the benefit of its investors. CBRE Group, Inc. has more than 100,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 530 offices (excluding affiliates) worldwide. For more information about CBRE Global Investors, please visit www.cbreglobalinvestors.com.
*Assets under management (AUM) refers to the fair market value of real assets-related investments with respect to which CBRE Global Investors provides, on a global basis, oversight, investment management services and other advice and which generally consist of investments in real assets; equity in funds and joint ventures; securities portfolios; operating companies and real asset-related loans. This AUM is intended principally to reflect the extent of CBRE Global Investors’ presence in the global real asset market, and its calculation of AUM may differ from the calculations of other asset.