AXA Investment Managers - Real Assets has acquired a core logistics warehouse asset in Gorgonzola, Italy, on the north eastern outskirts of Milan, from Italian asset management company Polis Fondi Immobiliari for approximately €24m. The acquisition was made on behalf of the Columbus Real Estate Euro Fund, a closed-ended alternative real estate investment fund, launched and managed by AXA REIM SGR.
The asset is located in the Municipality of Gorgonzola, a key logistics hub 20km outside of Milan. The site benefits from excellent accessibility, with easy public and road transport links to the Milan city center and Linate airport. Currently fully let to four tenants, the logistics facility provides 47,000m² of modern lettable space and 183 car parking.
This transaction adds to AXA IM - Real Assets’ existing European logistics portfolio of €1.5bn and over 1.9 million m² of assets.
Alessio Lucentini, head of asset management & transactions in Italy at AXA IM - Real Assets commented: “The Italian logistic sector is being driven by changing consumer habits and a constantly evolving retail environment. In this context, the wider Milan area has been experiencing particularly strong demand for warehouse facilities close to the city center, leaving us confident that this asset has the potential to provide solid long-term income and value for our clients.”
