AXA Investment Managers – Real Assets has paid the Carlyle European Real Estate platform about €270 million for a logistics portfolio in Northern Italy.
Bought on behalf of clients, the 13-asset portfolio is called CER-L and comprises 11 standing assets with a total of 310,000 sq m of space and two development projects which will provide 80,000 sq m and are expected be LEED Silver certified. The portfolio is concentrated in Greater Milan, Padua and Turin.
Axa IMRA said the portfolio is let to a diverse range of domestic and international occupiers spanning the food and beverage, fashion, 3PL and energy sectors. The weighted average lease term is seven years.
The acquisition is the latest addition to Axa IMRA’s €2.2 billion European logistics portfolio and raises its exposure in the Italian market which has a shortage of logistics space.
Axa IMRA head of transactions Italy Nicola Cardani said the deal was a rare opportunity to “achieve immediate scale in a country with a logistics market that, to date, has been underpinned by relatively low e-commerce penetration.”