German fund management group Deka Immobilien has purchased a logistics property near Piacenza, northern Italy, from local logistics operator Vailog for EUR 37 mln. The asset is earmarked for the Deka Immobilien Europa open-ended fund.

Located in the greater Milan area, the scheme represents the final phase of the Castel San Giovanni logistics park, a 350,000 m2 development which Vailog began in 2003. The logistics warehouse, due for completion in December, will provide 64,000 m2 of total lettable floor space and is fully let to two established companies.

The company said the acquisition enhances Deka Immobilien’s portfolio of environmentally sustainable properties and that it aims to obtain BREEAM certification with a rating of Very Good for the building.