German asset management giant Patrizia has acquired the Piacenza Business Park in northern Italy for around €70 mln through its flagship discretionary value-add fund TransEuropean VII (TEPVII).
The major new logistics hub is strategically located at the intersection of the A1 motorway, connecting Milan to Naples, and the A21 linking Turin to Brescia.
The newly developed site spans 80,000 m2 of modern, customisable logistics space. The asset is already around 50% leased, with outsourcing company UCSA and logistics specialist Chrono Express the first tenants.
Acquired from AKNO Group, a specialist developer of industrial assets, construction of the site completed in mid-2023. The asset has been developed to high sustainability standards and is equipped with a number of sustainable features, including the planned installation of solar panels, a rainwater harvesting system and landscaped green spaces.
Pierluigi Scialanga, head of transactions in Italy for Patrizia, said: 'The logistics sector in northern Italy continues to offer an extremely compelling investment case due to the strength of the occupier market and its strategic position at the gateway to Europe.
'While market conditions remain extremely tough, our conviction for investing in best-in-class assets underpinned by fundamental long-term global megatrends remains as strong as ever.
'This deal presented us with the perfect opportunity to acquire a major new logistics hub that benefits from both an attractive income profile and future value creation opportunities.'
Christie Baird, senior fund director at Patrizia, said: 'Our investment in Piacenza Business Park perfectly aligns with our TransEuropean strategy of building a portfolio of resilient income producing assets alongside those with significant value creation potential.
'With an exceptionally strong occupier market in northern Italy, we are excited to execute an asset management strategy that will secure new tenants, drive rental values and deliver attractive long-term returns for our investors, while riding out any short-term market volatility.'
Patrizia was advised by DLA Paper for legal and fiscal aspects and Yeardreas for technical advisory.