The Aareal Italy Fund, managed by Aareal Property Services, has signed a deal of over 17 million for the acquisition of the 21,000 m². Decathlon distribution center in Basiano (Milan), Italy. The Aareal Italy Fund follows a balanced mandate core-plus strategy, this first distribution center transaction broadens the Fund's asset base, previously comprising Italian shopping centers and office buildings.
Mathieu Cassinis, acquisition director of Aareal Property Services, considers this new acquisition a good combination between an attractive net yield, a prime quality asset very well located and a solid tenant. He also sees benefit in the solid income stream delivered by the center. "We have built up a portfolio of very attractive office and retail assets for this Fund and recent yield movements have worked to our advantage, however we still have capital to invest. This center brings the Fund an attractive underlying income stream on an extremely well located asset."
This acquisition is the second one for APS in logistic sector. Two months ago Aareal Eurologistik Fund bought a logistic centre of around 32,000 m² in Vignate, close to Milan, leased to Barilla Group, for a value over 20 million.
Source: Aareal Property Services