Allianz sees Italian logistics portfolio exceed EUR500m with acquisition of eight facilities
Milan / Munich / Paris, 03/08/2022
Allianz Real Estate, acting on behalf of several Allianz group companies, has signed an agreement to acquire eight prime logistics facilities in Italy in an off-market forward transaction from a private seller for EUR 91 million. The portfolio, comprised of two traditional facilities and six courier warehouses located mainly in northern Italy, is 70% pre-let to a prime Italian tenant.
The acquisition is the sixth logistics sector transaction in Italy for Allianz Real Estate over the past 36 months, bringing total assets under management in its Italian Logistics Fund (ILF) in excess of EUR 500 million. This latest deal further enhances the diversification of the portfolio in terms of geography and tenancy profile.
The traditional logistics assets are in the same plot 25 minutes from Milan’s center, and cover c. 60,000 sqm in total. The six courier units, all fully pre-let on long-term leases, are strategically located in key regions of Italy and near high-speed motorways and railways. The properties are in the proximity of cities such as Venice, Vicenza, Novara, Modena and Perugia, and have an average size of 5,000 sqm.
The assets have the highest technical and environmental standards, supporting Allianz Real Estate meet its target to reduce carbon emissions across its portfolio by 25% by 2025 and be carbon net-zero by 2050. Each facility will meet class A requirements in terms of energy efficiency with an aim to encompass Carbon Risk Real Estate Monitor (CRREM) and EU Taxonomy compliance.
The logistics sector accounted for 13.8% of Allianz Real Estate’s global AUM, or EUR 11.6 billion, with the largest allocation in Europe at EUR 5.8 billion as at the end of December 2021. The past 12 months has seen a number of significant transactions, including a new 50/50 joint venture with VGP announced at the start of 2022 which will develop a portfolio of facilities in Germany, the Czech Republic, Hungary and Slovakia with a view to a gross asset value of EUR 2.8 billion within five years.
Donato Saponara, Head of Investments West Europe - Country Head of Italy, Allianz Real Estate
Donato Saponara, Head of Investments West Europe - Country Head of Italy, Allianz Real Estate, said: “Allianz Real Estate has developed one of the most significant logistics portfolios in Italy and we remain focused on further acquisitions and growth given the strong fundamentals driving the sector in Italy and across Europe. This latest transaction adds a prime tenant and access to prime sub-markets with excellent, long-term value creation.”
Alexander Gebauer, CEO West Europe, Allianz Real Estate
Alexander Gebauer, CEO West Europe, Allianz Real Estate, said: “The capability to execute an off-market, highly complex transaction with multiple stakeholders over a 12-month period showcases the strength of our team, our local network and expertise, and our market proposition. This has resulted in very attractive yields for investors in a highly competitive market characterized by the strong investors’ appetite for logistics products.”
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