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TH Real Estate acquires first premium logistics asset in Italy
TH Real Estate has acquired a logistics centre in Monticelli d’Ongina, Italy, on behalf of one of its logistics strategies.
The asset comprises a total area of c.248,710 sq ft (c.23,100 sq m) and was sold by Cerrius Srl, for an undisclosed sum.
The logistics centre was completed in 2011 by Cerrius Srl and was built to modern standards and specifications. The c.223,070 sq ft (c.20,700 sq m) of warehouse space and c.25,620 sq ft (c.2,380 sq m) of office space are split over three floors. The asset is fully let to SDA Poste Italiane.
Tim Hennes, Fund Manager, at TH Real Estate comments, "The success of this first acquisition in Italy demonstrates the wide appeal of our strategy, offering investors an exclusive opportunity to make timely investments in high-quality core logistics assets in established European locations. The Italian real estate market is increasingly attractive. We have therefore created a local investment structure, which enables this strategy to invest efficiently in Italy going forward whilst at the same time aiming to optimise investment returns for our investors."
Laura Beltrametti, Portfolio Manager at TH Real Estate added, "Considered to be one of the top logistics regions in Italy, this asset benefits from very good access to the main transport route connecting the north and south of the country. The Grade-A quality of the building makes this asset an ideal fit for the strategy."
The strategy was launched in late 2016 to provide an investment opportunity for German clients. It is targeting a diversified portfolio across its core countries Italy, France, Spain and the Netherlands, all of which show a rising demand for logistics facilities. Current investors include pension funds, insurance firms and banks.
TH Real Estate was advised by Gatti Pavesi Bianchi for the legal due diligence and SPA negotiation. Linklaters served as tax advisor and TÜV Süd Advimo advised on the technical and environmental aspects. Engels & Völkers acted as broker.
Note: TH Real Estate renamed to Nuveen Real Estate in January 2019.Issued by Nuveen Real Estate Management Limited, 201 Bishopsgate, EC2M 3BN. Authorised and regulated by the Financial Conduct Authority. TH Real Estate is a name under which Nuveen Real Estate Management Limited provides investment products and services. The value of investments and any income will fluctuate (this may be partly be the result of exchange rate fluctuation) and investors may not get back the full amount invested. Where opinions have been expressed, they are based on current market conditions and are subject to change without notice. TH Real Estate is an investment affiliate of Nuveen, the investment management arm of Teachers Insurance and Annuity Association of America (TIAA). TH Real Estate securities products distributed in North America are advised by UK regulated subsidiaries or Nuveen Alternatives Advisers LLC,, a registered investment advisor and wholly owned subsidiary of TIAA and distributed by Nuveen Securities, LLC, member FINRA. Real estate investments are subject to various risks, including fluctuations in property values, higher expenses or lower income than expected, and potential environmental problems and liability.