CBRE Advises PATRIZIA on Record Italy Logistics Sale
Global real estate advisor, CBRE, has acted on behalf of PATRIZIA EuroLog Fund SCSp as the exclusive sell side advisor for the sale of Oppeano Logistics Park, a prime logistics hub approximately 15km south of Verona, Italy. PATRIZIA has agreed the sale of the logistics park to Starwood for a price of circa €274m, achieving a new record sale in the Italian logistics market.
Additionally, CBRE’s Technical Due Diligence team acted as technical advisor for the transaction on behalf of PATRIZIA.
The Oppeano Logistics Park represents best-in-class facilities, comprising five logistics warehouses over circa 246,000 sqm. The park, built between 2019 and 2020 to the highest international standards, reflects an occupancy level of 87%. It is home to national and international occupiers such as Aldi, Rewe, Bracchi and Trans Lusia, with a weighted average lease length to the first break option of just under four years.
The sale of Oppeano Logistics Park is a prime example of CBRE’s collaborative approach, involving multiple teams throughout the lifecycle of the park. We were the original buyside advisor in 2019 for Project Mercury, a Pan-European portfolio which the park was a part of, and also the leasing and build cost consultancy advisors and property managers for the park. This has been a team effort from start to finish across our European business.
This record transaction confirms the investors’ appetite for a grade A product in locations with compelling fundamentals and high rental growth potential. Verona has established itself as a logistics hub of strategic importance in Europe, being situated in the northern Italian economic powerhouse with excellent connections to the rest of Europe.