PATRIZIA has closed a deal to invest c. €70m in a modern industrials portfolio in Italy’s “golden triangle” submarket through its PATRIZIA Logistik-Invest Europa Fund series, expanding the group’s Italian logistics platform. The two assets are strategically located on the A22 highway between Verona and Bologna, which is one of the country’s major distribution corridors.
Comprising over 90,000m2 of space, the portfolio is 100% occupied by two international 3PL tenants. The strong lease profile delivers resilient high-yield income, while an active asset management strategy will aim to capitalise on future value-add opportunities through the strong rental growth expected in the Mantova submarket.
Built in 2022 and 2023, the modern portfolio boasts high ESG standards compliant with the Paris Climate Agreement, with both assets achieving EPC A ratings and LEED Gold certifications. The properties are equipped with rainwater collection technology, LED lighting and rooftop PV panels, while a planned capex programme to instal additional PV panels will further support the decarbonisation strategy of the portfolio.
Pierluigi Scialanga, Country Manager and Head of Transactions for Italy at PATRIZIA, comments: “With vacancy rates close to zero in certain submarkets and a persistent undersupply of new assets, the underlying characteristics of Italy’s industrial sector remain robust. As we begin a new market cycle with prolonged global volatility, deploying capital into highly attractive sectors is our key focus as we drive long-term value for clients. With now over €1.5b in assets under management, our expanding Italian alternative assets platform continues to deliver significant opportunities for our investors across the risk spectrum in both real estate and infrastructure.”
Nicolai Soltau, Head of Fund Management Logistics at PATRIZIA, said: “We are pleased to continue our investment programme into best-in-class, sustainable logistics which support rapidly urbanising and digitalising cities across key European markets. Growing our exposure in Italy is an important part of our strategy as it further diversifies our geographical footprint, while at the same time delivering strong income that also has value-add growth potential through asset management and ESG initiatives. With this portfolio already compliant with the Paris Climate Agreement, we are excited to further build on the already strong ESG credentials of our European logistics platform.”
PATRIZIA was advised by Legance (legal), Simmons&Simmons (financing), DLA (structuring), Pirola (tax), Dils (commercial) and JLL (technical).
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