As part of its diversification strategy, AB European Real Estate Fund has proudly completed its second acquisition in Italy, with the purchase of a logistic asset located in Milan, fully let to DHL group.
The asset was built in 2001 and designed according to DHL design preference. The asset is a typical “last mile” warehouse with high & modern standards (internal height under beam of 8 meters, cross-docking solution, photovoltaic system). The property has a total GLA of 9’095 sqm, out of which 1’500 sqm of office, and it is 100% occupied by DHL under a 6+6 years lease agreement. From this property DHL distributes parcels and packages to the whole Milan area.
The combination of prime location, solid cash flow and well-known tenant profile, represents a high-quality add-on for AB European Real Estate Fund. The deal is entirely off-market, having been sourced by Savills IM team.
In this transaction, the Fund was advised by Savills Investment Management as fund manager, DLA Piper on Legal & Tax matters, REEAS on technical & environmental and GVA Redilco on the commercial side. Savills Investment Management SGR will be responsible for the asset management of this property.