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U.S. insurance company, Middle Eastern sovereign wealth fund make first Italian deal for €1b JV
Transactions - MARCH 8, 2022

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U.S. insurance company, Middle Eastern sovereign wealth fund make first Italian deal for €1b JV

by Andrea Zander

Barings has agreed the forward purchase of a 90,000-square-meter (968,750-square-foot) class A logistics development in Mantua, Italy, in an off-market transaction on behalf of PELV, a pan-European logistics joint venture between a U.S. insurance company and a Middle Eastern sovereign wealth fund targeting core-plus/value-add assets. The parties agreed not to disclose the purchase price.

Work has begun on the sizable logistics facility in northern Italy, with construction set to progress in two phases before final completion in early 2024. The premium logistics space is well located near the A22 motorway, offering access to Verona, Italy, one of the most active and strategic logistics sub-markets for Italian operators. The scheme, to be developed by a leading Italian logistics construction specialist, will deliver two class A warehouses, with ESG credentials that include LEED Gold certification.

The off-market acquisition marks the first deal in Italy for the joint ven

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