Invesco Real Estate Ends Record Year for Logistics Real Estate Transactions with Forward Funding Deal for Prime Development Property in Piedmont

Invesco Real Estate, the global real estate investment arm of Invesco Ltd. (NYSE: IVZ) with €80 billion in assets under management, has closed a forward funding deal to develop a world-class cold storage facility in Italy's Piedmont region with a total area of 25,000 sqm for a long-standing German single-mandate client.

The acquisition of the land and development project, which was completed in December 2024, is Invesco Real Estate's latest transaction in the European logistics market. This made 2024 a record year for the company in terms of the volume and value of the logistics deals concluded. In 2024, around 60% of all transactions completed by Invesco Real Estate in Europe were logistics properties. 36% of the secured pipeline assets of the real estate investment manager are also logistics properties.

The logistics property in Piedmont is scheduled for completion in 2026 and is pre-let to Conad Nord-Ovest, part of the Conad Group, a leading Italian wholesale and supermarket chain. The warehouse property is of great importance for the efficient distribution of fresh produce in the Northwest region, the second largest region for the Conad Group in terms of sales and number of stores.

The Piedmont site is strategically located in Savona's "retroporto" market, along the EU-Mediterranean corridor that connects, among other things, the city of Turin with the port of Savona, and is the main east-west link in northern Italy. The logistics facility is expected to meet the highest sustainability requirements and achieve at least LEED Gold certification, with the aim of achieving platinum status^[1].

There is still a supply deficit in first-class logistics properties on the Italian market, which is also reflected in a vacancy rate of 2.4% at the end of the third quarter of 2024. From the first to the third quarter of 2024, 1.8 million m² of logistics space was newly let, which corresponds to the already strong average values of the years 2019-2023. ^[2] In Italy, there is relatively little cold storage space, which offers significant opportunities for growth and development in the sector. In addition, as one of the leading players in Italy's highly fragmented food sector, Conad exemplifies the strategic importance of better cold storage infrastructure for the country's food supply. ^[3]

For Invesco Real Estate's logistics business, 2024 was a record year in terms of equity and debt transactions completed. These included the acquisition of a 45,000 m² site in Austria in cooperation with Propel Industrial, the development of a logistics centre in Neuruppin with Trammell Crow Company and a development project of an approx. 51,000 m² property in the UK with GARBE Industrial.

Carlo Romanò, Senior Director – Investments, Italy, at Invesco Real Estate, said: "We are delighted to give this long-standing client the opportunity to benefit from the strong demand for prime logistics properties in Europe. In the Italian region of Piedmont, as in many other regions of Europe, there is still a lack of such objects, and we predict a continued need for high-tech logistics centers in good locations. A large proportion of the existing properties are also more than five years old. As a result, there is a concrete need for new, renovated and modernised properties that meet the needs of tenants."

Michael Berchtold, Director – Fund Management at Invesco Real Estate, adds: "After The Cloud One Hotel Gdansk, this is the second transaction within a month for this single German mandate. It highlights institutional clients' demand for high-quality investment properties that meet their criteria in terms of sector, location and tenant profile. We pride ourselves on being able to meet the demands of our investors. This transaction also has a positive impact on the country and sector diversification of the portfolio - and thus ultimately on its performance."

The seller of the property is Taurus, a private Italian investor with many years of investment experience in logistics, hospitality and residential construction, which intends to reinvest the proceeds in its own portfolio, which currently comprises around 3 million m² of logistics space and 50,000 m² of hotel and catering properties.

FCV Consulting & Development, an independent Italian real estate developer, has arranged the transaction and will support Invesco Real Estate in the development of the cold storage facility. FCV is active in Italy as an advisor to institutional investors in various asset classes and has offices in Milan, Turin and Florence.

¹ LEED = Leadership in Energy and Environmental Design is a system for classifying green building.
² CBRE, December 2024.
³ Invesco Real Estate Research, December 2024.

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About Invesco Ltd.
Invesco Ltd (Ticker NYSE: IVZ) is a global, independent investment management company dedicated to helping people get more out of their lives. With offices in more than 20 countries, our investment teams offer a full range of active, passive and alternative investment opportunities. As of November 30, 2024, Invesco had EUR 1.6 billion in assets under management for clients worldwide. For more information, visit www.invesco.com/corporate.

About Invesco Private Markets
Invesco has global expertise and extensive resources in the private markets space. With our global investment platform and EUR 124 billion in real estate and private credit assets under management, we offer our investors both scale and deep expertise with over 600 investment professionals in 16 countries and over 40 years of innovative experience as of 30 November 2024.

About Invesco Real Estate
Invesco Real Estate is one of the world's leading real estate investment firms with €79.3 billion in real estate assets under management, 613 employees and 21 regional offices in the US, Europe and Asia. For over 40 years, Invesco Real Estate has been actively investing across the risk/reward spectrum in direct real estate strategies such as core, debt, value-add and opportunistic, as well as in listed real estate assets for over 400 institutional clients. Invesco Real Estate employs over 191 people in Europe in eight offices in London, Munich, Milan, Madrid, Paris, Prague, Luxembourg and Warsaw. Invesco Real Estate manages 205 properties in 14 European countries with assets of EUR 15.3 billion. The team has a wealth of experience across all three commercial sectors as well as hotels and residential real estate as of June 30, 2024.

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The value of investments and the income from them are subject to fluctuations. This may be partly due to changes in exchange rates. It is possible that investors may not receive back the full amount invested when they return their shares. Real estate and land can be difficult to sell, so investors may not be able to sell such investments when they want to. The value of real estate is usually estimated by an independent appraiser and may not be realizable.

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Data as of January 10, 2025, unless otherwise stated.

This document is published in Germany and Austria by Invesco Real Estate Management S.a.r.l., President Building, 37A Avenue JF Kennedy, L-1855 Luxembourg, supervised by the Commission de Surveillance du Secteur Financier in Luxembourg, and in Switzerland by Invesco Asset Management (Switzerland) AG, Talacker 34, 8001 Zurich.
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