Allianz Real Estate, acting on behalf of several Allianz group companies, has signed an agreement to acquire eight prime logistics facilities in Italy in an off-market forward transaction from a private seller for EUR91 million. The portfolio, comprised of two traditional facilities and six courier warehouses located mainly in northern Italy, is 70 per cent pre-let to a prime Italian tenant.
The acquisition is the sixth logistics sector transaction in Italy for Allianz Real Estate over the past 36 months, bringing total assets under management in its Italian Logistics Fund (ILF) in excess of EUR 500 million. This latest deal further enhances the diversification of the portfolio in terms of geography and tenancy profile.
The traditional logistics assets are in the same plot 25 minutes from Milan’s center, and cover c. 60,000 square metres in total. The six courier units, all fully pre-let on long-term leases, are strategically located in key regions of Italy and near high-speed motorways and railways. The properties are in the proximity of cities such as Venice, Vicenza, Novara, Modena and Perugia, and have an average size of 5,000 square metres.
The assets have the highest technical and environmental standards, supporting Allianz Real Estate meet its target to reduce carbon emissions across its portfolio by 25 per cent by 2025 and be carbon net-zero by 2050. Each facility will meet class A requirements in terms of energy efficiency with an aim to encompass Carbon Risk Real Estate Monitor (CRREM) and EU Taxonomy compliance.
The logistics sector accounted for 13.8 per cent of Allianz Real Estate’s global AUM, or EUR11.6 billion, with the largest allocation in Europe at EUR5.8 billion as at the end of December 2021. The past 12 months has seen a number of significant transactions, including a new 50/50 joint venture with VGP announced at the start of 2022 which will develop a portfolio of facilities in Germany, the Czech Republic, Hungary and Slovakia with a view to a gross asset value of EUR2.8 billion within five years.
Source: allianz-realestate.com on the 8th of March