DeA Capital Real Estate, in partnership with Palm Capital, has established a new Closed-End Real Estate Alternative Investment Fund, fully subscribed by international investors specialised in long-term real estate investments, with the objective of investing significant amounts of capital in the logistics sector in Italy by purchasing both existing properties and properties to be developed.
The Fund, named ‘Palm Partners Italy I’, finalised its first investment through the purchase of a plot of land located in the Novara province where a new logistics building, with high technical, energy and environmental standards, will be developed.
The building will have a gross floor area of approximately 64,000 square metres, plus parking and external maneuvering areas, and characteristics in line with the best market standards. It is leased through a pre-let contract to an international company in the logistics/commercial sector already existing in Italy and in several European countries.
Following the first investment, the Fund will continue its activity with further acquisitions of assets for logistics use which are already in the pipeline.
Reda Khatim, Managing Partner of Palm Capital, sponsor of the group of investors in the Fund stated: ‘we are excited to enter the Italian market with this interesting development opportunity. Over the years we have built a solid track record in the European market which now drives us to invest in the new logistics asset class in Italy, which we consider strategic. Therefore, we are looking forward to expanding our Italian investment programme with a long-term commitment to this market'.
Emanuele Caniggia, CEO of DeA Capital Real Estate, commented: ‘this transaction confirms the central role of our Asset Management Company in the Italian real estate market. Once again, our Company has been selected by an important pool of international investors who choose the Italian logistics sector as the preferred asset class for their long-term investments. The latter is a very important aspect, also because of the spin-offs on the real economy and on the regions where these investments are realised'.