M&G Real Estate has acquired a class A gold logistics asset in the Veneto region of Northern Italy from Prologis for €24 million ($27 million).
The investment has been made off market, on behalf of the M&G European Property Fund managed by David Jackson and Simon Ellis.
The 36,000-square-meter (388,000-square-foot) logistics facility is pre-let to Geodis, part of SNCF Group, a global e-commerce business ranking among the top companies in Europe. Geodis will occupy the property in Padova in its entirety upon completion, on a 15-year lease, providing a secure income stream for investors.
Padova falls within the Veneto region of Italy, an important link between north and central Italy as well as from Italy to northern and eastern Europe, and the region features one of the highest manufacturing productivity rates in Western Europe.
The facility is located close to the A13 and A4 highways, the main route between Milan and Venice. The area is home to
