CBRE Global Investors acquires logistics park in Milan, Italy
CBRE Global Investors has completed the acquisition of a logistics park located in Truccazzano (Milan), on behalf of its CBRE European Industrial Fund (EIF) for approximately EUR24 million. The vendor was AKNO Business Parks, an international industrial and logistics park developer and manager.
The park was built by AKNO Business Parks in 2004 and consists of two independent logistics warehouses connected by an office building, totaling a gross area of 35,000 sqm. The property is located approximately 25 kilometers east of Milan with good access and proximity to the A4 (Turin-Venice), A35 (BreBeMi) and A1 (Milan-Naples) highways.
The property is fully occupied by major national and international logistic operators.
Pierre-David Baylac, Fund Manager for EIF, CBRE Global Investors, said: “We are delighted to add Truccazzano to the EIF portfolio, which has a special focus on divisible high-quality assets in the main large population centres in Western Europe. Since the beginning of the year we have been very active with acquisition of cross-dock and distribution centres in France, Germany, and now Italy.”
Sandro Campora, Managing Director Italy, CBRE Global Investors, commented: “This transaction is another example of the growing interest of international investors in the Italian market, and the logistics sector in particular. Logistics continues to grow as a strategic asset class for investors in Italy, and we aim to invest further in this sector going forward.”
Alex Nuhi, AKNO Business Parks, commented: “We are very proud to have closed the Truccazzano Business Park deal with such an important firm like CBRE Global Investors. This transaction represents a big acknowledgment of the quality, innovation and state-of-the-art of our properties and of the high quality of our clients.”