Logicor acquires 600,000 sqm of logistics assets in Italy & Belgium
07 Dec 2015
Logicor, the largest owner of modern logistics facilities in Europe, announces the acquisition of 19 assets in Italy and Belgium. These acquisitions are spread across the following transactions:
Italy: portfolio of four assets near Milan totalling 175,000 sqm acquired from a local developer. Key occupiers include European logistics providers Geodis and Kuehne + Nagel.
Italy: portfolio of six assets acquired from Schroders and Investire Immobiliare totalling 275,000 sqm in Italy’s key logistics submarkets, with four assets along the main corridor serving Milan and two assets adjacent to Rome’s international airport. Key occupiers include global logistics providers Ceva, XPO Logistics and Kuehne + Nagel, along with French multinational Saint-Gobain.
Belgium: portfolio of nine assets totalling 156,000 sqm acquired from AXA REIM, with two assets located opposite Brussels’ airport, one asset in the core logistics market of Willebroek, and the remaining assets in Meer, a logistics cluster at the Belgium/Netherlands border. Key occupiers include aerospace component manufacturer ASCO Industries and pet nutrition company Hill’s.
As a result of these acquisitions Logicor’s Italian logistics property portfolio increases to 924,000 sqm whereas it’s Benelux portfolio increases to 500,000 sqm.
Mo Barzegar, CEO & President, Logicor said
We are delighted to be incorporating these properties in Italy and Belgium into our European platform. In doing so we gain new access to the Rome logistics property market plus add a further European country to our product offering. All three transactions deepen our customer relationships and are consistent with our strategy of investing in key locations across the European supply chain.
Cushman & Wakefield advised Blackstone and Logicor on all three transactions.