M&G Real Estate has acquired a three-asset logistics portfolio in Greater Milan, Italy, for approximately €85 million ($100 million) from Principal Asset Management.
With significant capital to deploy, the acquisition, on behalf of the M&G European Property Fund, supports its ongoing expansion.
The three fully leased logistics assets, located in Vignate, Biandrate and Rho, total more than 110,500 square meters (1.2 million square feet).
Over the next decade, M&G plans significant upgrades to the portfolio to improve its environmental credentials. Positioned in Italy’s key northern distribution corridors, they are well connected to Milan’s metropolitan area and major transport infrastructure, with one of the lowest vacancy rates in Europe.
The assets are leased to a variety of established national and international third-party logistics providers, providing a resilient income stream, while also presenting significant potential for rental
