Schroder Property Investment Management Italy srl on behalf of Schroder Eurologistics Fund and Interporto Fiumicino have signed a promissory agreement for the forward purchase of a 65,000-m² logistic center. The investment, which totals circa €50 million, is Schroder's 4th logistics acquisition in Italy in the last 18 months.
The logistic center in Fiumicino
The logistic center is located in Fiumicino, close to the International Airport of Rome, and will offer ultra-modern facilities. The logistic center is part of a logistic park of over 400,000 m² that will be developed by the company Interporto of Fiumicino.
The building will be acquired by the Schroder Eurologistic Fund N°1 that was set up in 2004 with an initial gross asset target of €500 million, but that has meanwhile increased to over €1 billion. The Interporto property is pre-let to prime international tenants.
This is the first acquisition of Schroder Property Investment Management Italy since the acquisition by Schroders of Aareal Asset Management from Aareal Bank. Mathieu Cassinis, Head of Acquisitions in Italy for Schroders Property, foresees an ambitious pipeline in the coming years for Schroder's funds in Italy. As well as the growing size of Schroder's EuroLogistics Fund, which has purchased more than €700 million in selected prime logistics facilities throughout Europe, he is aiming to acquire an additional €200 million of logistics properties for the Eurologistic Fund, and €750 million of commercial property for Schroders' second Italian Property Fund, due to be launched in autumn 2007.
Schroders initiates and manages real estate funds for institutional investors with assets under management for approximately €15 billion.