GARBE Industrial Real Estate GmbH (GARBE Industrial) formed a third joint venture with SFO Capital Partners, a London-based global real estate investor and investment manager to develop and manage a 22,000m2 Grade A logistics development in Italy.
The project MilEast Logistics Park involves a state-of-the-art logistics development on a brownfield site in the Milan metropolitan area. The plot was acquired in October 2024. GARBE Industrial will act as a property developer and property manager. The building will provide a net lettable area of 22,000m2 with a flexible layout suitable for single- or multi-tenant occupancy. It will boast 18 loading bays, a 12m clear height, and 118 parking spots, and will be certified to LEED Platinum standard.
“This logistics development MilEast Logistics Park in Covo (Bergamo, Italy) is the third joint project with SFO Capital Partners and the second one in Italy. The project will be another demonstration of the joint venture's commitment to sustainable and innovative Real Estate development. The proven collaboration with SFO Capital Partners enables us to build properties that are fit for the future, to set new standards within the logistics sector, and to deliver value both for the occupants and for investors,” said Dr. Peter Bartholomaus, Head of Fund Management & Capital Markets and Member of the Executive Board at GARBE Industrial.
GARBE Industrial has redeveloped and decontaminated the site in Covo, Milan, enhancing it with local tree species and extensive green spaces to promote biodiversity. The logistics property features a sustainable thermal insulation façade and includes rainwater harvesting, photovoltaics, and recycling solutions. Staff areas for recreation are also planned. This location is a prime logistics hub in one of Italy's most industrialized areas, known for low vacancy rates and steady rent growth, serving major third-party logistics providers and retail distributors.
“The collaboration between GARBE Industrial and SFO Capital Partners over several years clearly demonstrates that our joint investment strategy, which aims for the development of sustainable high-end properties in strategic and key European logistics regions, keeps paying off. We are confident that we will build on this success story with other joint projects in future,” said Dr. Bartholomaus.
The second joint venture between GARBE Industrial and SFO Capital Partners involved another logistics development in Lombardy, Italy within the Milan metropolitan area. Situated near the town of Silvano Pietra, on a brownfield site, the JV developed a state-of-the-art Grade A logistics property with a lettable area of 83,000m2. The building was constructed according to the highest technical and environmental standards and is LEED Platinum certified and achieving practical completion in December 2023.
The first joint venture was established in 2022 with the goal of comprehensively developing a logistics property in Venlo, a key logistics hub in the Netherlands. The property, offering 10,600m2 of lettable space, was long-term leased by the local GARBE team on the date of delivery. Like the other properties, it was upgraded to meet the highest ESG standards and benefits from the strong regional demand for modern logistics facilities.
Image source - GARBE.
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