The land in Serravalle Scrivia (Alessandria) was acquired in July 2022 with permissions in place for the development of the warehouse and a construction contract was signed soon after with a tier one logistics general contractor. Construction started in Q4 2022 and was completed by end of Q4 2023, on time and on budget. A LEED Gold certificate was obtained for the warehouse. The warehouse was fully pre-let during construction to an important national grocery chain, at an ERV well above initial underwriting.

Serravalle Scrivia is 45km north of Genova, in a prime logistics sub-market, which has a notable lack of available suitable space and limited potential for significant future supply due to the mountainous terrain of the surrounding land. Genova is, together with Trieste, the main commercial port in Northern Italy and the asset is also on the southern edge of the established Tortona logistics submarket, where a number of important national and international logistics tenants have moved over the last five years. The plot has excellent accessibility to the A7 motorway (1.5 km distance from the tollgate), connecting Milan to Genova, as well as good visibility from the motorway.

Savills acted as seller’s advisor to the deal and leasing agent.

Marco Corti, Managing Director and Country Head Italy at Barings Real Estate said: “This is the second successful exit for us on behalf of our second European real estate value-add strategy, following the recent sale of San Giorgio Bigarello, and the deal has secured excellent returns to investors significantly ahead of the initial business plan. Logistics remains a preferred asset class for us across the region, and with a healthy occupier market especially in prime, constrained locations, we will continue to look for and invest in similar opportunities in the future.”

Gunther Deutsch, Manager Director and Head of Transactions Europe and Country Head Germany at Barings Real Estate said: “This transaction marks our eleventh logistics sale this year and a total of €500m secured as a result. This is similar to that on the acquisition side, demonstrating our agility in the market whilst pursuing our overall aim of generating great returns for our investors. Alongside the living sector and office sector, logistics will remain a priority asset class for our value-add and core funds and we are in a good position to undergo further acquisitions for comparable opportunities across our preferred European markets the Nordics, NL, Germany, UK, Italy, Spain and France.”

For Barings
Ben Monteith/Charlotte Coulson (SEC Newgate)
baringsRE@secnewgate.co.uk 

Barings Real Estate
Barings Real Estate (BRE) is a part of Barings and offers a broad range of global investment opportunities across the private debt and equity investment markets. BRE invests in all major property sectors and offers an expansive range of financing solutions to real estate borrowers.  Follow us on LinkedIn at linkedin.com/showcase/barings-alternative-investments.

About Barings
Barings is a $470+ billion* global asset management firm that partners with institutional, insurance, and intermediary clients, and supports leading businesses with flexible financing solutions. The firm, a subsidiary of MassMutual, seeks to deliver excess returns by leveraging its global scale and capabilities across public and private markets in fixed income, real assets and capital solutions.

*As of September 30, 2025

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