Allianz Real Estate forms a new joint venture with VGP, a pan-European player in the high-quality logistics and semi-industrial real estate space
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MIL-OSI: VGP NV: Allianz and VGP expand relationship with new European logistics joint venture
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By IPE staff2020-12-22T15:49:00+00:00
A debt fund managed by GWM has provided €70m financing for the acquisition and development of a portfolio of logistic assets in Italy.
GWM’s Commercial Real Estate Debt Opportunities Fund (CREDO Fund) is providing the loan for the assets held by the Italian Logistics Fund, a vehicle managed by Savills Investment Management and backed by lead investor Angelo Gordon alongside local logistics partner Bell Real Estate.
Conduit Real Estate acted as debt advisor to the borrower.
Tracy DeBlieck, managing director at Angelo Gordon, said: “As highlighted by our ability to fully pre-let the first development asset in this portfolio prior to construction, demand for logistics space – particularly build-to-suit – in Italy remains strong, and we look forward to working in partnership with Bell Real Estate and Savills Investment Management SGR to continue unlocking value across these properties.”