Axa IM Alts is to pay UK-headquartered industrial REIT Segro €127 million for a portfolio of six urban warehouses in Italy.
The portfolio, which has a total floor space of 56,000 sq m, comprises warehouses located in Florence, Burago, Padua, Parma and Verona. Five of the sales have already completed and the sixth will complete later this year following practical completion of additional works.
The warehouses were developed by SEGRO-Vailog for a global online retail company to support the growth of its distribution network in Italy.
“The warehouses within this portfolio are located outside our core markets so we have chosen to capitalise on buoyant market conditions to sell this portfolio at a price materially ahead of December 2020 book value,” said Managing Director, Group Investment at SEGRO, David Proctor.
“We will be recycling the capital into exciting opportunities in other parts of Italy.”