Hines, the international real estate firm, has agreed to invest €75 million ($89 million) in three new industrial and logistics assets in Northern Italy on behalf of its Hines European Value Fund 2 (HEVF 2). The assets are being developed by Italian logistics developer FAP Investments.
“We continue to see a very compelling opportunity to accumulate new class A logistics assets and take leasing risk in the Northern Italian market,” said Paul White, senior managing director and HEVF 2 fund manager, at Hines. “On the fundamentals side, going into 2020, vacancy rates were already very low and the new supply pipeline very thin. Increasing consumer demand for online goods, and corresponding ramp-up in distribution, has pushed demand on quickly and we see rents following. At the same time, a larger pool of institutional investors are looking for exposure to quality logistics assets, particularly for income at scale. We believe our timing in accumulating a meaningful Northern
