SEGRO has exchanged contracts to acquire 90% of Italian logistics real estate development company Vailog from FBH Spa for €39.6m (£28.1m).
This transaction will allow SEGRO to establish a strategic big-box warehouse presence and operating platform in the northern Italy logistics market.
Since being founded in 2003, Vailog has developed more than 16m sq ft of logistics space in Italy, France and the Netherlands, working with investors including Deka Immobilien, AEW and Hines.
It also owns logistics properties in Italy and France, together with a landbank principally in Milan, Bologna, Rome, Paris, Lyon and Arnhem in the Netherlands.
SEGRO chief executiveDavid Sleath said: “Northern Italy is one of the major continental European logistics markets, benefiting from a strong manufacturing heritage and an affluent population. SEGRO has been active in the region for some time but the acquisition of Vailog provides an immediate logistics platform there. Together with the benefits of adding critical mass to our existing big-box logistics presence in Paris, this acquisition provides significant future development opportunities.”
