Barings, one of the world’s largest diversified real estate investment managers, announced it has completed the sale of a logistics warehouse in Caorso (Piacenza), northern Italy. The asset was held by Savills IM SGR, on behalf of Barings’ first real estate European value-add fund (BREEVA I). The asset has been acquired by Fondo Industriale Italia, an Italian real estate fund managed by Namira SGR with IREIT as the fund’s strategic advisor.

The land in Caorso was acquired in December 2022, following the conclusion of a permitting process, to develop two Grade A logistics warehouses. Construction on the first warehouse (c. 30,500 sq m) began in early 2024 and, during construction, was pre-let to an international retailer at a rental level above initial underwriting. The asset was completed in late 2024 and obtained the LEED Gold certificate. Construction on a second warehouse (c. 20,000 sq m) on the same plot of land is expected to start imminently.

Read full press release here.