SEGRO sells portfolio of warehouses in Italy for €127m

SEGRO has agreed the sale of a portfolio of six Italian urban warehouses for €127.5 million ($150.6 million) to AXA IM Alts, on behalf of clients.

The warehouses were developed by SEGRO-Vailog for a global online retail company to support the growth of its distribution network in Italy. The portfolio has a total floor space of 56,000 square meters (602,780 square feet), and the warehouses are located in Florence, Burago, Padua, Parma and Verona. Five of the sales have closed already, and the sixth will complete later this year following practical completion of additional works.

David Proctor, managing director, group investment at SEGRO, said, “We developed and delivered these warehouses for one of our key customers to support their expansion plans. Investor demand for prime, modern industrial assets is very strong in Italy as a result of the rapid growth of ecommerce. The warehouses within this portfolio are located outside our core markets, so we have chosen to c