PointPark Properties (P3), the specialist owner, developer and manager of European logistics properties, has acquired five prime logistics buildings around Milan comprising a total area of more than 200,000 m2 to build on its existing presence in the Italian market as it seeks to expand its footprint across Europe.
P3 has acquired 4 logistics warehouses containing a total of 170,291 m² from Logistis, a fund managed by AEW Europe. Separately, P3 has also completed the acquisition of a 32,000 m² modern facility at Calvenzano, east of Milan, from the family-owned CD Group. The financial terms of the two transactions are not being disclosed.
Ian Worboys, P3 CEO said: “P3 is implementing an investment programme to expand our pan-European logistics platform significantly in key European locations with the active involvement and support of our shareholders, TPG and Ivanhoé Cambridge. These warehouses, which are located in the industrial and business heart of Italy around Milan, substantially increase the number of assets P3 owns in Italy.”
Source: Point Park Properties