Deka Immobilien is expanding its involvement in the logistics segment with the acquisition of a new development project in the Northern Italian province of Piacenza for its open-ended property funds Deka-ImmobilienEuropa.
The purchase price of the investment consisting of three warehouses amounts to approximately €60 million. The seller is the project development company Realty Vailog S.p.A., listed on the Milan Stock Exchange.
"With this investment, we took advantage of the opportunity to re-establish ourselves again in the Italian commercial property market for the first time after three years by the simultaneous acquisition of three of the most up to date logistics properties in terms of standards," says Thomas Schmengler, Managing Director of Deka Immobilien GmbH.
The property fund companies of DekaBank have so far made 12 investments on the Italian market. The current Italian portfolio includes, in addition to the new investment, eight office properties and a hotel in Milan, a logistics property in Castel San Giovanni (Piacenza), as well as an office property in Rome. The recently acquired development project includes three construction phases with a total area of approx. 115,700 m². The first construction phase of just under 54,000 m² will be completed by the middle of next year, and has been entirely leased long-term to the Italian retail company UPIM.