Global real estate investment manager AEW has acquired an 8,500sqm last-mile distribution warehouse in northern Italy.
The manager has paid an undisclosed amount to buy the asset for its open-ended pan-European core fund, Eurocore, which has now invested 鈧�210m across five assets within just three months of the first closing period.
Constructed in 2020, the last-mile distribution warehouse is fully let.
Christina Ofschonka, senior fund manager of Eurocore at AEW, said: 鈥淭o have deployed this level of fund equity in such a short period of time since the launch of Eurocore is a real testament to the strength of the AEW platform, and in particular the deal origination capabilities it provides across Europe.
鈥淲e are building a diverse portfolio of high quality, future proof institutional assets that we believe will provide resilient income underpinned by robust fundamentals and with a strong emphasis on ESG matters, both at property and portfolio level.鈥�
Although Eurocore is AEW鈥檚 first open-ended, pan-European fund, the company already manages 鈧�28bn of core real estate investments, making up most of its 鈧�34bn European portfolio. The global fund manager manages more than 鈧�70bn of assets worldwide, and three-quarters of these are core in profile.
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