Barings has acquired a 78,000 square metres site in Italy from a private Italian company to develop a logistics project.
The manager has invested an unspecified amount through an Italian real estate fund managed by Savills IM SGR, to acquire the site in Balocco on behalf of its pan-European logistics joint venture PELV.
The site in the Province of Vercelli has planning consent for the development of a 33,000 square metres logistics warehouse.
The Balocco acquisition is the second investment for PELV in Italy, following the acquisition of two warehouses in Mantova Nord. PELV, which invests in core-plus to value-add logistics property in prime European markets, is a joint venture between a US insurer and a Middle Eastern sovereign wealth fund.
Source: realassets.ipe.com on the 18th of January
https://realassets.ipe.com/news/barings-acquires-site-in-italy-for-33000sqm-logistics-project/10071083.article