Aareal Eurologistic Fund, a closed end real estate fund managed by Aareal Asset Management, signed a Promissory Purchase Agreement for a logistic site located in the south of Milan for approximately 20 million.
The 20,000 m² logistic site is located 40 km south of Milan and is let to a prime International logistic company. The logistic property has been built in 2003 and the purchase reflect gross initial yield of 7,75%.
This logistic property together with Basiano 1, Basiano 2 and Vignate is contributing to the increase of the logistic investment of Aareal Asset Management in Italy.
Mathieu Cassinis, Acquisition Director of Aareal Asset Management, commented: "This acquisition allows us to add a prime quality property to our logistic portfolio and to overall the 100 million investment in this sector in Italy."
Source: Aareal Eurologistic Fund