Barings has completed the acquisition, through an existing Italian real estate fund managed by Savills IM SGR, of a 70,000-square-meter (753,474-square-foot) parcel of land in northern Italy from a private Italian company on behalf of its second real estate European value-add fund (BREEVA II).
The scheme in San Giorgio Bigarello, Mantua (Mantova), allows for the speculative development of 37,000 square meters (398,265 square feet) gross leasable-area, class-A logistics warehousing, for which the site already has planning consent. In line with Barings’ pan-European approach to ESG, it will develop a single warehouse to target credentials such as LEED Gold, while minimizing carbon emissions during the lifecycle of the project. Construction is to start this month, with completion expected in early 2025.
The asset is located within the prime strategic logistics submarket of Verona, noted for its strong rental demand and limited supply, and is approximately 40 kilometers
