CBRE Global Investors, on behalf of the CBRE European Industrial Fund (EIF), has acquired a 31,100 m² warehouse in Truccazzano (MI), Italy. The property was sold by AKNO Business Parks in an off-market transaction. The purchase price remains undisclosed.
Truccazzano is 15km east of Milan and is a recognised and well-established logistics market with access to the main northern Italian motorways.
The asset is newly developed and built to the highest quality standard. The building is also sub-divisible into three independent modules of approximately 10,300 m².
Pierre-David Baylac, EIF Fund Manager for CBRE Global Investors said: “The latest acquisition for EIF fully meets our investment requirements and complements our current portfolio. We are continuously developing our pipeline of opportunities in strong logistic hubs.”
The warehouse is fully let to ePRICE, an Italian e-commerce company, and the first of its kind to be listed on the Milan Stock Exchange.
“There is strong growth of e-commerce in Europe, and we are happy to welcome a top Italian player into our portfolio. In addition, we like the quality and flexibility of this asset that – unlike most pure e-commerce buildings, could cater to various alternative uses as well, providing leasing flexibility”, added Pierre-David.
Sandro Campora, Head of Investment Operations Italy, CBRE Global Investors added:“We bought the first phase of the Trucazzano Business Park from AKNO last year and we are very happy to continue the cooperation through this acquisition. This is typical of our approach to partner with good quality logistic developers forming long-term relationships. We have had significant transactional activity in Italy this year, closing on around €270m of acquisitions for various clients. It showcases that with the strong local expertise of our team on the ground, solid investments like Truccazzano can be sourced.”
Alex Nuhi, AKNO Business Parks commented: “It is truly a pleasure to be partnering again with CBRE Global Investors. The latest agreement reaffirms AKNO Business Parks’ global position as the leader in development and management of state of the art industrial and logistical projects as well as the highest level of our clients. Covering more than 66,000m², Truccazzano Business Park is a refined example of our Group’s dedication and know-how in creating superb properties equipped with the most innovative energy efficiency technologies.”