Allianz Real Estate (RE), the real estate investment and asset management arm of German insurer Allianz Group, has bought a portfolio of three brand-new, grade A logistics assets in Lombardy, Italy.
The properties, each situated close to Milan and within the wider northern Italy logistic hub, include; a 29,440 square meters (sqm) asset in Binasco, the 55,000 sqm Massalengo facility, as well as the 55,000 sqm asset in Ospitaletto.
Allianz RE, acting on behalf of several Allianz Group companies, acquired the properties from an undisclosed seller in an off-market transaction for a total purchase price of 110 million euros ($125 million).
The firm completed the transaction through its Italian logistics fund, Investitori Logistic Fund, which is managed by Investitori SGR, part of Allianz Group.