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TH Real Estate acquires second asset in Italy | News
TH Real Estate has acquired a second premium logistics centre in Italy on behalf of its European logistics portfolio.
Located 25 km south of the city of Verona in Isola Rizza, the logistics hub was built in 2017 and comprises c.244,340 sq ft (c.22,700 sq m). An extension of c.80,729 sq ft (c.7,500 sq m) will be completed in Q3 2018. This Grade A-building is fully let to one of the largest grocery stockist and delivery companies.
Isola Rizza benefits from its proximity to Verona and Italian busiest motorway A4, which connects it with the cities of Torino and Venice. In addition, it provides direct access to the Brenner motorway A22 to ensure the link to the south towards the city of Bologna.
Tim Hennes, Senior Investment Manager at TH Real Estate, explains: "The Italian real estate market is increasingly attractive, due to its liquidity and e-commerce-backlog. We see a strong demand for space in this region as well as potential growth for domestic logistics. The transaction of this building will secure the long-term and sustainable expansion of our European logistics platform with plans to further acquisitions both in Europe and in Italy.”
Laura Beltrametti, Portfolio Manager at TH Real Estate, says: "Due to its strong location, excellent connectivity to main transport routes and an existing third-party use, the asset meets with all our requirements for a core investment, making the Isola Rizza distribution centre an ideal fit for our platform."
This diversified strategy, as part of TH Real Estate's European logistics platform with c.€2.4 billion, has grown to a volume of c.€22 million, including nine logistics assets in its four core countries Italy, Spain, France and the Netherlands. Current investors are pension funds, insurance firms and banks.
The asset was sold by the Italian developer ECODEM for an undisclosed sum. TH Real Estate was advised by Gatti Pavesi Bianchi and Linklaters. AECOM advised on the technical and environmental aspects.
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Note: TH Real Estate renamed to Nuveen Real Estate in January 2019.
Issued by Nuveen Real Estate Management Limited, 201 Bishopsgate, London 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. TH Real Estate is a real estate investment management holding company owned by 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 Advisors LLC a registered investment advisor and wholly owned subsidiary of TIAA, and distributed by Nuveen Securities, LLC, member FINRA.