Econostrum | Economic News in the Mediterranean

Allianz Real Estate adds eight logistics sites to its Italian portfolio

Written by Marie-Cécile Audibert on Tuesday, March 8th 2022 à 16:25 | Read 552 times

Allianz Real Estate increases its logistics portfolio to €500m (photo: Allianz Real Estate)
Allianz Real Estate increases its logistics portfolio to €500m (photo: Allianz Real Estate)
ITALY. Allianz Real Estate announced on Tuesday 8 March 2022 that it had signed an agreement, on behalf of several of its subsidiaries, to buy eight logistics facilities in Italy for €91m. The German real estate investment manager adds these important acquisitions to its portfolio of assets managed in this sector by its Italian Logisitcs Fund (ILF), which is now worth over €500m. This is the group's sixth transaction in this area in thirty-six months.

These acquisitions concern two neighbouring traditional facilities covering 60,000 m² in northern Italy, 25 minutes from the centre of Milan. They are pre-rented to an Italian tenant.

Six courier warehouses with an average area of 5,000 m² complete the package. They are located near the cities of Venice, Vicenza, Novara, Modena and Perugia and close to motorways and high-speed railways. They are also all pre-let on long-term leases.

Logistics represents 18% of Allianz's assets under management

"We remain focused on new acquisitions due to the strong fundamentals of the sector in Italy and Europe," comments Donato Saponara, investment director for Western Europe at Allianz Real Estate.

"The ability to execute a highly complex, multi-stakeholder, off-market transaction over a twelve month period demonstrates the strength of our team, local network and expertise, as well as our market proposition.
This has resulted in very attractive returns for investors in a highly competitive market characterised by strong investor appetite for logistics products,
" said Alexander Gebauer, CEO Western Europe of the group.

The logistics sector accounted for 18% of Allianz Real Estate's assets under management, i.e. €11.6bn (of which €5.8bn in Europe) at the end of 2021.


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