Allianz Real Estate has purchased two 45,000-square-meter (484,375-square-foot) logistics warehouses in Northern Italy for €33.6 million ($37.3 million) in an off-market deal, the firm reported on July 26.
The assets, located in Liscate, Milan, and Montegalda, Vicenza, were purchased on behalf of several Allianz group insurance companies, as part of its strategic priority to invest in Europe’s fast-growing logistics sector, the firm said.
The acquisition was made through its Italian logistics fund, managed by Investitori SGR, and marks the first tranche of the investment in an €80 million ($89 million) logistics portfolio, for which a preliminary sale and purchase agreement was signed in May. Both assets are considered regional distribution centers and have been leased to strong tenants on a long-term basis.
The latest transaction marks the second logistics deal by Allianz in Italy, following the purchase of a 55,000-square-meter (592,015-square-foot) logi
