Invesco Real Estate purchased the Broni Logistics Park in Italy from the developer Akno Business Park. The parties were advised by GVA Redilco and of K & L Gates, while the seller Akno was assisted by the lawyer Carlo Amisano (see the press release here).
This is the first acquisition in the Italian logistics sector by Invesco Real Estate. The logistics park is located in Broni, in the province of Pavia, and consists of 4 buildings of grade A, with a total covered area of approximately 150,000 square meters. completed between the end of 2018 and the beginning of 2019. The buildings are located opposite the A21 Torino / Piacenza / Brescia motorway, at the Broni-Stradella exit. The logistics park was entirely leased to leading logistics companies and distributors.
Invesco has conducted the acquisition through its Sicaf IRE-EVAF (Italy) SICAF, which in support of the purchase of the logistics portfolio has obtained a long-term loan from Unicredit. The bank was assisted legally by Orsingher Ortu and under the fiscal profile by Mattia Bock. Sicaf and its Luxembourg management company were assisted in matters related to the financing by Clifford Chance, while the regulatory aspects of the Sicaf and the deal were followed by GIM Legal law firm
Invesco Real Estate has managed real estate funds since 1983. To date it has assets under management of 65.6 billion dollars. In Italy it also invested last year, buying the former wellknown Traversi garage in Milan for 100 million euros (see here a previous post by BeBeez).
Akno is an operator specializing in the development of buildings and logistics parks. In 2016 it developed and sold the Truccazzano logistics park in the Milan area to CBRE (see here a previous post by BeBeez).