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Sign in Sign up for a FREE subscriptionAXA IM – Real Assets completes €270m Italian logistics portfolio buy
AXA Investment Managers – Real Assets has completed, on behalf of clients, the acquisition of CER-L, a high-quality logistics portfolio in Northern Italy for c. €270 million ($326 million), from the Carlyle European Real Estate platform.
The 13-asset portfolio comprises 11 standing assets totaling 310,000 square meters (3.3 million square feet) and two development projects that have delivered a further 80,000 square meters (861,000 square feet) and are expected to achieve a LEED Silver certification. The portfolio is let to a diverse range of domestic and international occupiers spanning the food & beverage, fashion, 3PL and energy sectors, on a weighted average lease term of seven years.
The portfolio is concentrated in Greater Milan, Padua and Turin, three of Northern Italy’s most established logistics markets. All the properties benefit from excellent arterial connectivity within major national and international transportation hubs that form part of the we
