Allianz Real Estate has agreed to buy eight prime logistics facilities in Italy in an off-market forward transaction from a private seller for €91 million.
Allianz said 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 €500 million.
The portfolio, comprised of two traditional facilities and six courier warehouses located mainly in northern Italy, is 70% pre-let to a prime Italian tenant.
The traditional logistics assets are in the same plot 25 minutes from Milan’s center, and cover c. 60,000 sqm 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 sqm.
”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% by 2025 and be carbon net-zero by 2050,” said Allianz. ”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% of Allianz Real Estate’s global AUM, or EUR 11.6 billion, with the largest allocation in Europe at EUR 5.8 billion as at the end of December 2021.
Donato Saponara, Head of Investments West Europe – Country Head of Italy, Allianz Real Estate, said: “Allianz Real Estate has developed one of the most significant logistics portfolios in Italy and we remain focused on further acquisitions and growth given the strong fundamentals driving the sector in Italy and across Europe. This latest transaction adds a prime tenant and access to prime sub-markets with excellent, long-term value creation.”
Alexander Gebauer, CEO West Europe, Allianz Real Estate, said: “The capability to execute an off-market, highly complex transaction with multiple stakeholders over a 12-month period showcases the strength of our team, our local network and expertise, and our market proposition. This has resulted in very attractive yields for investors in a highly competitive market characterized by the strong investors’ appetite for logistics products.”