Europe has sold a portfolio of logistics properties in Italy to TPG and Ivanho茅 Cambridge鈥檚 PointPark Properties (P3).
The fund manager鈥檚 Logistis fund sold four warehouses in Northern Italy to P3 for an undisclosed amount.
P3 also said it has bought a fifth, 32,000 sqm property east of Milan from Italy鈥檚 CD Group.
The 170,290 sqm AEW portfolio, located around Milan, was bought by P3 as it looks to expand in what it regards as key European locations.
Prague-based P3 was sold to TPG and Ivanho茅 Cambridge by Bahrain鈥檚 Arcapita .
At the time, P3鈥檚 portfolio totalled close to 1.5m sqm.
P3鈥檚 new owners committed additional capital to strengthen the firm鈥檚 balance sheet.
Meka Brunel, executive vice-president in Europe for Ivanho茅, said the investment in P3, which has assets in the Czech Republic, France, Germany, the Netherlands, Poland, Slovakia and Spain, contributed to its real estate diversification.
Strong growth in e-commerce could 鈥渙nly benefit the logistics industry in the long term鈥�.
