Barings acquires land for logistics site in northern Italy

Through an Italian real estate fund managed by Savills Investment Management, Barings has acquired a 78,000-square-meter (839,585-square-foot) plot of land in northern Italy for a grade A logistics development, on behalf of its pan-European logistics joint venture (PELV).

The land is located near Milan, in Balocco, in the province of Vercelli, and has already received planning consent for the development of a modern grade A logistics warehouse, which Barings intends to build to target LEED Gold certification and net-zero carbon emissions. Construction will start this month, and completion of the property is expected by the end of this year.

Located 70 kilometers west of Milan and 70 kilometers east of Turin, the site is also only 500 meters from an exit onto the A4 motorway, providing it with easy access to the east and west of northern Italy.

PELV is a joint venture between a U.S. insurance firm and a Middle Eastern sovereign wealth fund that seeks to invest in