Savills IM purchases logistics centre and secures lease on another in Italy
27 October 2020
Savills Investment Management (Savills IM), the international real estate investment manager, has acquired an additional last-mile distribution centre in Brescia, Italy, and secured a new lease on another logistics asset in Milan on behalf of the ABAF European Real Estate – Italy fund.
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The Brescia asset, strategically located along the Milan-Venice highway, is a brand new last-mile facility in the city semicentre, with 80 docking bays across 5,200 sq m. It is the fourth acquisition for the fund and has been fully let to a prime Italian e-commerce courier on a long-term lease.
Formerly an abandoned industrial site, the Brescia facility is an urban regeneration success case, equipped with green technologies (electric charging station, solar panels), and has achieved a high Walk Score (76 out of 100, comparable to office buildings) thanks to its proximity to the city centre. Savills Building & Project Consultancy team, led by Nunzia Moliterni, assisted Savills IM in the technical and ESG due diligence for the transaction.
Savills IM has also completed the full lease-up of a logistics centre in Melzo, east of Milan, spanning c. 30,000 sq m, which was vacant since the beginning of 2020. Once refurbishment has completed at the end of this year, the modernised last-mile logistics hub will feature 84 docking bays, brand new systems, LED lightening as well revamped offices and façade. The new tenant, leading German third-party logistics operator Rhenus Logistics SpA, will commence operations in January 2021.
Cristiano Ronchi, Head of Italy, Savills IM, commented:
“As of today, Savills IM’s exposure to the Italian logistics sector has exceeded EUR 400 million gross development value. In the last 24 months we have rapidly grown our logistics portfolio via new core and value-add opportunities within a resilient and fast-evolving sector, and have the appetite for further logistics transactions in the future.”
Marco Zorzetto, Transactions Director, Savills IM, added:
“Thanks to these two key transactions, the ABAF European Real Estate – Italy fund is on track to deliver a strong performance. The outlook for the fund is bright given its strategy of continuing to enhance its ESG profile and grow its exposure to the Italian logistics sector, which offers many future-proofed opportunities.”
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