TH Real Estate acquires first logistics asset in Italy | News
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.
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