CBRE Global Investors Agrees to the Sale of Logistics Facility in Italy

21 May 2021

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Corporate Communications Director

Helen Stott

Corporate Communications Director

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CBRE Global Investors, on behalf of its European Industrial Fund (EIF), has agreed to the sale of a 45,171-sqm logistics warehouse in Faenza, in the Emilia Romagna region of Italy to PGIM Real Estate.

The facility is fully let to an institutional grade A tenant that has been in the building since 2007 and renewed its lease in December 2019 for a further six years.

Acquired by CBRE Global Investors in 2007 and located in the province of Ravenna, 50km southeast of the main Bologna corridor, the warehouse sits within the important transportation and distribution hub connecting the south and center of the country to northern Italy and the rest of Europe.

Laurie Lagarde, Fund Manager, European Industrial Fund at CBRE Global Investors commented: “The logistics sector has proven its resilience throughout the COVID-19 pandemic, attracting huge volumes of capital and strong investor appetite in the face of uncertainty related to some of the other asset classes. This transaction represents a good outcome for our investors in EIF, with optimal timing given both the lifecycle of the investment as well as price maximization due to current market conditions.”

Sebastiano Ferrante, Deputy Head of Europe and Head of Italy at PGIM Real Estate said: “Driven by robust e-commerce activities, logistics take-up in Italy reached a record high in 2020 – despite the challenging macroeconomic environment due to Covid-19. The Faenza logistics acquisition for our European core strategy aligns with our defensive investment philosophy and demonstrates our ability to secure attractive investments in competitive markets.”

CBRE Global Investors is a leading investor and operator in the European logistics sector, with an AUM of €12.3 bn*, a rental area of seven million sqm across 11 countries.

CBRE Global Investors was advised by Cushman & Wakefield, Studio Pirola, DLA and Yard Reaas.

* As of 31 March 2021

About CBRE Global Investors
CBRE Global Investors is a global real assets investment management firm with $124.5 billion in assets under management* as of March 31, 2020. 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 2020 revenue) for the benefit of its investors. CBRE Group, Inc. has more than 100,000 employees serving clients in more than 100 countries. For more information about CBRE Global Investors, please visit

*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 assets-related loans. This AUM is intended principally to reflect the extent of CBRE Global Investors’ presence in the global real assets market, and its calculation of AUM may differ from the calculations of other asset managers.