PATRIZIA AG, a leading partner for global real assets, has acquired a newly built cold storage logistics asset near Milan, Italy, from Savills Investment Management SGR S.p.A., on behalf of its institutional clients through one of its flagship logistics funds.
The c. 31,000 square metres cold storage asset was completed in Q2 2021 and is fully let to Kühne & Nagel, a leading pan-European 3rd party logistics company, and Movi.Log Srl, a frozen food distributor, with a WALT of 7.5 years. The property has been built to a high specification with sprinklers, elevations and ample refrigeration space that has a temperature range between 4°C and -28 °C. Sustainability was a key consideration during its development. The asset includes two photovoltaic plants for a total power capacity of 2.5MW and is targeting a BREEAM rating.
The property is located in Casorate Primo, a municipality in Lombardy between the cities of Milan and Pavia, a prime industrial and logistics location in northern Italy. It benefits from excellent transport connectivity via the nearby A7 motorway which connects Milan with Genoa and enables access to France and Switzerland.
Since the end of 2019, the AUM of PATRIZIA’s logistics segment has grown to over EUR6 billion. The strength of logistics assets is underpinned by strong occupier demand and extremely low vacancy rates across Europe, and its yields have consistently outperformed those by other asset classes in recent years.
With this transaction, PATRIZIA further strengthens its presence in the logistics segment in Italy, in which it already has assets with a total area of more than 730,000 square metres throughout the country.
As a whole, the logistics segment represents around 45 per cent of the assets that PATRIZIA manages in Italy, with a total value of nearly EUR1 billion.
Source: patrizia.ag on the 24th of January