PATRIZIA has completed the forward purchase of Piacenza Business Park in northern Italy through its TransEuropean VII, (TEPVII) fund for around €70m. The major new logistics hub is strategically located at the intersection of the A1 motorway, Italy’s most important highway connecting Milan to Naples, and the A21 linking Turin to Brescia.
The newly developed site spans c. 80,000m2 of modern, customisable logistics space delivered to the highest standard. The asset is already around 50% leased, with outsourcing company UCSA and logistics specialist Chrono Express as the first tenants.
Acquired from AKNO Group construction of the site completed in mid-2023. The state-of-the-art asset has been developed to high sustainability standards and is equipped with a number of sustainable features, including the planned installation of solar panels, a rainwater harvesting system and landscaped green spaces. As a major new regional logistics hub situated between Milan and Parma, the flexible business park features 72 loading bays, and over 110 parking spaces and has a load capacity of 7 tons per m2.
Pierluigi Scialanga, Head of Transactions in Italy for PATRIZIA, said: “The logistics sector in northern Italy continues to offer an extremely compelling investment case due to the strength of the occupier market and its strategic position at the gateway to Europe. While market conditions remain extremely tough, our conviction for investing in best-in-class assets underpinned by fundamental long-term global megatrends remains as strong as ever. This deal presented us with the perfect opportunity to acquire a major new logistics hub that benefits from both an attractive income profile and future value creation opportunities.”
Christie Baird, Senior Fund Director at PATRIZIA, said: “Our investment in Piacenza Business Park perfectly aligns with our TransEuropean strategy of building a portfolio of resilient income-producing assets alongside those with significant value creation potential. With an exceptionally strong occupier market in northern Italy, we are excited to execute an asset management strategy that will secure new tenants, drive rental values and deliver attractive long-term returns for our investors, while riding out any short-term market volatility.”
PATRIZIA was advised by DLA Piper for legal and fiscal aspects and Yeardreas for technical advisory.
