PineBridge Benson Elliot, the UK-based pan-European real estate fund manager, alongside a 50% institutional JV Partner, have subscribed to 100% of the units in a newly structured Italian real estate investment fund (“ER Logistics Fund 5”), managed by Europa Risorse SGR (“ER SGR”), a Bank of Italy regulated fund manager.
ER Logistics Fund 5 owns a 197,000 sqm site in Torrazza Piemonte, northeast Turin. Acquired off-market from a local construction company, the site represents the first investment in a strategy targeting the development of logistics assets in strategic locations across Northern Italy. The Fund aims to pursue a portfolio aggregation strategy by acquiring existing properties located close to urban centers, major roads and labour, alongside the development of Grade A modern logistics assets on both brownfield and greenfield sites with suitable zoning and planning in place.
Torrazza, a currently vacant site in the outskirts of Turin in the Piemonte Region, will be transformed into a 61,000 sqm logistics facility including c. 2,000 sqm of office space. The scheme will target BREEAM Excellent certification with operational net zero carbon delivered through the incorporation of photovoltaic solar panels. Flexible design will ensure the facility has broad tenant appeal with the facility able to accommodate a single logistics tenant or multiple tenants.
Source: https://www.pinebridge.com/en/press-releases/pinebridge-benson-elliot-acquires-logistics-site-in-turin-italy, on 23.02.2023