The scheme in San Giorgio Bigarello, Mantua (Mantova), allows for the speculative development of 37,000 sq m GLA of Grade A logistics warehousing, for which the site already has planning consent. In line with Barings’ pan-European approach to ESG, it will develop a single warehouse to target credentials such as LEED Gold, while minimising carbon emissions over the lifecycle of the project. Construction is to start this month with completion expected in early 2025.

The asset is located within the prime strategic logistics submarket of Verona, noted for its strong rental demand and limited supply, and is approximately 40km south of Verona and 5km north-east of Mantua. It is located 2km from the exit of the “Mantova Nord” tollgate on the A22 motorway, the main axis connecting Germany, Austria and northern Italy. The scheme is Barings’ third investment in the area.

This latest logistics acquisition on behalf of BREEVA II closely follows that of the purchase of a 210,000 sq m plot of land in a prime location near Lisbon, Portugal. Last month, Barings also completed the acquisition of a 78,000 sq m site for a Grade A logistics scheme in Balocco in Vercelli, Italy.

Marco Corti, Managing Director and Country Head Italy at Barings Real Estate, said: “The acquisition of this asset, our second of the year so far in northern Italy, reflects our committed interest in the logistics asset class in Italy. We have already let circa 150,000 sq m in four warehouses in the same micro-area to well-regarded national and international tenants during 2023, confirming the appeal of the Mantova submarket. With a strong level of take-up by occupiers in 2023 – a historical record – the logistics sector in Italy continues to demonstrate strong fundamentals and therefore remains one of our preferred asset classes.”

Gunther Deutsch, Managing Director and Head of European Transactions at Barings Real Estate, said: “This investment confirms our interest for best-in-class logistics assets in prime markets and demonstrates our continued activity across this sector throughout Europe, as also evidenced with our recent acquisition in Portugal. Prime logistics , benefitting from strong demand, limited supply and rental growth will remain a deeply attractive proposition for Barings. In addition to logistics, we continue to seek investment opportunities in Italy, particularly in the student housing and build to rent/build to sell sectors, including through joint ventures – be it refurbishments or new developments. This reflects our ambitions across the European continent this year, in territories including Italy, Spain, Germany, the UK, France, the Nordics and the Netherlands.”

Contacts
Polly Warrack/Ben Monteith (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 $381+ billion* global investment manager sourcing differentiated opportunities and building long-term portfolios across public and private fixed income, real estate, and specialist equity markets. With investment professionals based in North America, Europe and Asia Pacific, the firm, a subsidiary of MassMutual, aims to serve its clients, communities and employees, and is committed to sustainable practices and responsible investment.

*As of December 31, 2023