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Invesco and Barings buy logistics assets in Germany and Italy

Invesco Barings

While Barings has bought two prime logistics centres in Milan, Invesco has acquired a large-scale food logistics hub in Bremen

Fund manager Invesco and Barings have acquired logistics assets in Germany and Italy, according to media reports.

Barings, an international investment management firm owned by Massachusetts Mutual Life Insurance Company, has bought two prime logistics centre in Milan. Whereas Invesco, a US-based independent investment management company, has bought a 56,600 square metre food logistics centre in Bremen, Northern Germany from Nuveen Real Estate and Palmira Capital Partners.

The amount spent by Invesco and Barings on the acquisitions, however, is not yet disclosed.

While Barings bought the logistics assets for an unnamed institutional investor, Invesco acquired the asset on behalf of one of its German separate account mandates for its actively managed portfolio.

According to Tina Kroll, associate director – transactions for Germany, Austria and Netherlands at Invesco, the asset can be used to serve the food sector as it provides chilled and frozen storage facilities. She pointed out that the food industry has become a major driver of this region and is one of the sectors most insulated from macroeconomic volatility.

For Barings, the recent acquisitions will bring its total logistics transactions to over $600 million. The purchase of the logistics assets in Milan, is part of Baring’s broader expansion plan across Europe. The company is also planning to expand its business in other European countries such as Finland, Sweden, the Netherlands, Germany, UK, France, and Spain.

Valeria Falcone, Managing Director, Real Estate Country Head Italy and Portfolio Manager at Barings told the media, “This transaction presented a rare opportunity to acquire two core assets in an off-market transaction for our investor. The assets are located a short distance from Milan city centre, in an undersupplied area with potential for rental uplifts and yield compression. The e-commerce sector is expanding rapidly in Italy, which is likely to generate a growing demand in the region for high-quality logistics assets such as these two properties.”

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