Bain Capital and Stoneweg have significantly expanded their Italian logistics footprint with a €200m forward purchase of six Grade-A warehouses, underlining the joint venture’s bullish stance on high-quality, sustainable logistics real estate in a tightening supply environment.
Totalling 225,000 m² across key logistics corridors—Florence, Bologna and Rome, the latest acquisitions from leading Italian developer VLD bring the joint venture’s Italian pipeline to 330,000 m² and a gross development value (GDV) of approximately €500m. All sites will target LEED Gold certification and are strategically positioned to serve both regional and national distribution networks.
“We maintain a positive outlook on European logistics and, across the locations where we are present, are well positioned to benefit from the current market tailwinds,” said Rafael Coste Campos, Partner at Bain Capital. “We see a solid demand outlook, fostered by secular themes of e-commerce penetration and nearshoring, a reduced pipeline of modern, Grade-A product, whilst witnessing increasing quality requirements from tenants. All this is contributing to contained vacancy and growing rents.”
The portfolio includes 45,000 m² across two buildings in Greater Florence under construction; 150,000 m² in Southern Rome across three big-box facilities completing between 2026 and 2028, benefiting from A1 motorway access; and a 33,000 m² scheme in Greater Bologna due by H1 2027.
Investor interest is expected to rise not only due to the prime locations and ESG credentials but also because of tenant demand from high-growth sectors like luxury maritime, e-commerce and renewable energy. These are driving demand in Italy, where logistics vacancy remains under 5% and investment volumes surged 121% year-on-year in 2025. Yet what many overlook is the growing scarcity of entitled land with logistics zoning—a constraint that could drive yields and capital appreciation for early movers.
“The Italian logistics sector continues to be characterised by sub-5% vacancy levels and has been a top performer in 2025,” said Joaquin Castellvi, Co-Founder and Head of Strategic Investments at Stoneweg. “Driven by demand from the renewable energy, luxury maritime and e-commerce logistics segments, and supported by Italy’s favourable GDP and employment outlook, we anticipate strong occupier demand for these highly sustainable assets.”
The joint venture was advised by DILS and Colliers (commercial), Linklaters (legal, tax, structuring and regulatory counsel), and CBRE (technical due diligence).
People mentioned:
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Rafael Coste Campos – Partner, Bain Capital
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Joaquin Castellvi – Co-Founder and Head of Strategic Investments, Stoneweg
Companies mentioned:
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Bain Capital – Global private investment firm and JV partner
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Stoneweg – Alternative real asset investment manager and JV partner
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VLD – Italian logistics developer and seller of portfolio
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DILS, Colliers – Commercial advisors
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Linklaters – Legal, tax and regulatory counsel
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CBRE – Technical due diligence advisor
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