PGIM Real Estate acquires Italian logistics warehouse

PGIM Real Estate acquires Italian logistics warehouse

CBRE Global Investors, on behalf of its European Industrial Fund (EIF), has agreed the sale of a 45,171m² logistics warehouse in Faenza, in the Emilia Romagna region of Italy to PGIM Real Estate. The facility is fully let to an institutional-grade A tenant that has been in the building since 2007 and renewed its lease in December 2019 for a further six years.

 

Acquired by CBRE Global Investors in 2007 and located in the province of Ravenna, 50km southeast of the main Bologna corridor, the warehouse sits within the important transportation and distribution hub connecting the south and centre of the country to northern Italy and the rest of Europe.

 

Laurie Lagarde, Fund Manager, European Industrial Fund at CBRE Global Investors commented: “The logistics sector has proven its resilience throughout the COVID-19 pandemic, attracting huge volumes of capital and strong investor appetite in the face of uncertainty related to some of the other asset classes. This transaction represents a good outcome for our investors in EIF, with optimal timing given both the lifecycle of the investment as well as price maximization due to current market conditions.”

 

Sebastiano Ferrante, Deputy Head of Europe and Head of Italy at PGIM Real Estate said: “Driven by robust e-commerce activities, logistics take-up in Italy reached a record high in 2020 – despite the challenging macroeconomic environment due to Covid-19. The Faenza logistics acquisition for our European core strategy aligns with our defensive investment philosophy and demonstrates our ability to secure attractive investments in competitive markets.”

 

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