Invesco Buys Italian Logistics Hub from Garbe, SFO

Invesco Real Estate Management has finalized the acquisition of the Giovi Logistics Park, a significant 83,000-square-meter logistics facility in northern Italy. The transaction marks a successful exit for German developer Garbe and its partner SFO Capital Partners, who developed the Grade A asset. The deal, reportedly valued at €1,150 per square meter, underscores continued investor appetite for modern, well-located logistics infrastructure in Italy.

The Giovi Logistics Park, situated in Silvano Pietra (Pavia), benefits from a strategic position along the A7 motorway, a key artery connecting Milan and Genoa. This prime location places it within the crucial distribution quadrilateral encompassing Milan, Genoa, Turin, and Piacenza, enhancing its appeal to national and international logistics operators. The facility was fully leased by October 2025 to four prominent logistics and distribution companies under long-term agreements, demonstrating its market desirability.

Developed on a remediated former industrial site, the Giovi Logistics Park exemplifies sustainable urban regeneration, avoiding the consumption of agricultural land. The property boasts eight independent modules, featuring 78,000 sqm of warehouse space, 1,600 sqm of offices and technical areas, 97 loading bays, and an internal height of 11.5 meters. Its commitment to sustainability is recognized with a LEED Platinum certification, attributed to its photovoltaic installations, water and energy efficiency systems, and green spaces.

This divestment represents the first Italian exit for Garbe, which established its Milan office in 2023 and has since been actively developing its Italian logistics portfolio. The company's subsequent projects include the MilEast Logistics Park in Covo (Bergamo), the Torrevecchia Pia development (Pavia) spanning over 124,000 sqm, and a new park in Tortona featuring a 102,000 sqm single-floor platform. These developments highlight Garbe's aggressive expansion strategy within the Italian logistics sector.

Invesco Real Estate's acquisition of Giovi Logistics Park aligns with its ongoing strategy of investing in high-quality logistics assets across Europe. The firm has demonstrated consistent activity in the Italian market, notably acquiring the logistics facilities of the Artsana group near Como in 2023. This latest transaction further solidifies its position as a key player in Italy's rapidly evolving logistics real estate sector.

The Italian logistics market has experienced robust growth, driven by e-commerce expansion and supply chain optimization. Prime logistics rents in key Italian markets have seen upward pressure, supported by strong demand and limited supply of modern, well-specified facilities. The successful lease-up and subsequent sale of Giovi Logistics Park at a premium price point reflect these favorable market dynamics and the increasing institutional interest in the sector.