Barings has completed the sale of a logistics warehouse in Caorso, Italy.
The asset was held by Savills IM SGR, on behalf of Barings’ first real estate European value-added fund (BREEVA I). The asset has been acquired by Fondo Industriale Italia, an Italian real estate fund managed by Namira SGR with IREIT as the fund’s strategic advisor.
The land in Caorso, located in Piacenza in northern Italy, was acquired in December 2022, following the conclusion of a permitting process, to develop two Grade A logistics warehouses. Construction on the first warehouse (approximately 30,500 square meters/328,300 square feet) began in early 2024 and, during construction, was pre-leased to an international retailer at a rental level above initial underwriting. The asset was completed in late 2024 and obtained the LEED Gold certificate. Construction on a second warehouse (20,000 square meters/215,278 square feet) on the same plot of land is expected to start imminently.
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