GLP acquires logistics park in Verona comprising three assets
Milan, 30 March 2022 – GLP, a leading investor and developer of logistics warehouses and distribution parks, announced today that it has acquired a Grade A logistics park from Morgan Stanley. The sites comprises three assets with a total area of 76000 SQM.
The park is strategically located in the municipality of Nogarole Rocca (Southern Verona), a consolidated logistics location within the Greater Veneto Market. The park benefits from excellent accessibility to key road networks via the A22 and the E45, connecting Verona to the A1 highway (the main Italian axis connecting Milan, Bologna, Rome and Naples) and to Continental Europe.
The assets are fully let to top-tier customers, including national and international leading operators in the supply chain, transport, healthcare, and food and beverage industries.
Roberto Piterà, Country Director of GLP Italy, commented: “This off-market acquisition marks our first venture in the Veneto logistics market, which has been experiencing a rapidly growing interest from institutional investors in recent years. Nogarole Rocca is one of the most active markets in the area, as it represents a strategic logistics location both for regional and international tenants. We are delighted to add another high-quality logistics location to our Italian portfolio for our growing customer base.”
Ivan Mallardi, Head of Morgan Stanley Real Estate Investing (MSREI) in Italy and Director of Morgan Stanley SGR, commented: “We are delighted to have been able to complete this divestiture within the set timeframe, thanks to the great effort made by the entire team and all the consultants involved. The logistics park is the result of two distinct acquisitions completed by Morgan Stanley SGR between the end of 2020 and the beginning of 2021. Thanks to the asset management activity carried out in the 15 months of ownership, we were able to create a core product and we are pleased that a specialist logistics investor such as GLP has appreciated the quality of the assets. We expect that logistics will continue to represent a strategic asset class in 2022 given the continuous demand for quality products by operators, on interest from existing players as well as from new investors who are entering the Italian market will remain high. On our part, we will continue to scout operations in this sector both with an opportunistic / value add profile and with a core+ profile.”
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