AXA Investment Managers – Real Assets, has bought a shed in Gorgonzola, Italy, from Italian asset management company Polis Fondi Immobiliari for around €24m (£18.5m).
The 505,904 sq ft shed was bought on behalf of Columbus Real Estate Euro Fund, a closed-end alternative property fund, launched and managed by AXA REIM SGR.
Gorgonzola is a logistics hub 20km outside of Milan. Presently let to four tenants, the asset includes 183 parking spaces.
Alessio Lucentini, head of asset management and transactions in Italy at AXA IM – Real Assets said: “The Italian logistic sector is being driven by changing consumer habits and a constantly evolving retail environment. In this context, the wider Milan area has been experiencing particularly strong demand for warehouse facilities close to the city centre, leaving us confident that this asset has the potential to provide solid long-term income and value for our clients.”
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