Barings Agrees to Forward Fund Deal on Manuta Logistics Development
Posted on 03/08/2022
Barings agreed to the forward purchase of a 90,000 square meter Grade A logistics development in Mantua, Italy, in an off-market transaction on behalf of PELV, a pan-European logistics joint venture between a U.S. insurance company and a Middle Eastern sovereign wealth fund targeting core+/value-add assets. The parties agreed not to disclose the purchase price.
Work has begun on the sizeable logistics facility in northern Italy, with construction set to progress in two phases before final completion in early 2024. The logistics space is well located in close proximity to the A22 motorway, offering access to Verona, one of the most active and strategic logistics sub-markets for Italian operators.
The joint venture partners have recently doubled their equity commitment into PELV targeting a total portfolio size of €1 billion by deploying it into its target markets, which include the UK, Benelux, Germany, Spain, and the Nordics.
