PointPark Properties (P3), the specialist owner, developer and manager of European logistics properties, has acquired five
prime logistics buildings around Milan comprising a total area of more than 200,000 m² to build on its existing presence
in the Italian market as it seeks to expand its footprint across Europe.
P3 has acquired 4 logistics warehouses containing a total of 170,291 m² from Logistis, a fund managed by AEW Europe. Separately, P3 has also completed the acquisition of a 32,000 m² modern facility at Calvenzano, east of Milan, from the family-owned CD Group. The financial terms of the two transactions are not being disclosed.
Ian Worboys, P3 CEO said: “P3 is implementing an investment programme to expand our pan-European logistics platform significantly in key European locations with the active involvement and support of our shareholders, TPG and Ivanhoé Cambridge. These warehouses, which are located in the industrial and business heart of Italy around Milan, substantially increase the number of assets P3 owns in Italy.”
The assets acquired by P3 include:
- Fagnano Olona, close to Milan’s Malpensa Airport, with 29,151 m² let to German company Deufol, a specialist in high value logistics services.
- Brignano di Gera d’Adda, east of Milan, 68,244 m² let to Kuehne & Nagel for a multi-client logistics operation. The accessibility of the Brignano di Gera d’Adda asset will improve considerably with the completion of the new Milan-Bergamo motorway: the property will offer direct access to this new 62 km highway via a junction at Treviglio Est, which will link the eastern side of Milan to the rest of the Italian motorway network.
- A prime logistics park comprising two buildings at Castel San Giovanni, one of Italy’s most in demand logistics locations. Multi-modal transport group Geodis leases 46,874 m² in one warehouse and is the sole occupier, while the tenant in the other 26,022 m² building is Montcler, one of Europe’s premium sportswear brands.
- The Calvenzano property is occupied by Phardis Srl, a logistics subsidiary of CD Group that specializes in handling high value pharmaceutical and cosmetic clients. This location will also benefit considerably from the completion of the new Milan-Bergamo motorway and the improved access via the Treviglio Est junction.