Truccazzano is 15km east from 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 sqm.
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 ecommerce company, and the first of its kind to be listed on the Milan Stock Exchange. With over 18 million users a month, innovative distribution formulas such as ’Pick and Pay’ and Locker distribution networks, have allowed ePRICE to reach an increasingly large proportion of the domestic population.
“There is strong growth of ecommerce 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 ecommerce 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 €270 million 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 66,000 sq m, 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."
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About CBRE Global Investors
CBRE Global Investors is a global real asset investment management firm with $98.9 billion in assets under management* on a combined pro forma basis, as of June 30, 2017, to reflect the completion of the acquisition of a majority stake in Caledon Capital Management Inc.
CBRE Global Investors is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBG). It harnesses the research, investment sourcing and other resources of the world’s premier, full-service commercial real estate services and investment company for the benefit of its investors. CBRE Group, Inc. has more than 75,000 employees in approximately 450 offices (excluding affiliates) worldwide. For more information about CBRE Global Investors, please visit www.cbreglobalinvestors.com.
*Assets under management (AUM) refers to the fair market value of real asset-related investments with respect to which CBRE Global Investors provides, on a global basis, oversight, investment management services and other advice and which generally consist of investments in real assets; equity in funds and joint ventures; securities portfolios; operating companies and real asset-related loans. This AUM is intended principally to reflect the extent of CBRE Global Investors’ presence in the global real asset market, and its calculation of AUM may differ from the calculations of other asset managers.
About AKNO Business Parks
For more than 40 years, AKNO Business Parks, a company of AKNO Group, has operated internationally in the real estate market as a leader in the development and management of State-of-the-Art logistics parks, industrial as well as commercial and hotel projects. The properties developed by AKNO Business Parks are compliant with the highest qualitative, innovative and technological standards, in line with the latest Eco-friendly technologies. Photovoltaic implants, thermal cut windows, biogas plants, presence detector and rainwater recycling systems are only some examples of the innovative systems the Group has introduced in its complexes. All of AKNO Business Parks structures are developed using the most refined Italian materials providing clients with the highest qualitative products with impeccable finishes. www.aknospa.com