Real estate firm Hines, as part of a joint venture with an international private equity firm, is investing in a new logistics project in Verona, Italy.

The company stated that that complete project is estimated to require up to €300m investment through the Vicus I fund which is managed by Prelios SGR.

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To be located in Vigasio, in the province of Verona, the new logistics park will be developed in two phases.

The first phase will require €120m investment for the construction of four buildings on 200,000m2 of area by 2023.

The second phase of the project will involve up to €180m additional investment.

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Hines said that LEED Gold certification will be sought after completion of construction of the new logistics project.

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It also noted that the investment in the project is part of the company’s logistics strategy throughout Europe to provide buildings and services for logistics customers.

The company has developed three properties in Tortona, Brescia and Montichiari in northern Italy.

In addition to the Vigasio logistics hub, Hines has developed a platform of more than 380,000m2 in Italy that includes investments in Bologna, in the Castel San Pietro area.

Hines Italy senior managing director and country head Mario Abbadessa said: “We have great interest in the industrial and logistics asset class and aim to become a statement player in Italy in this fascinating sector.

“Our target is to invest €1 billion in industrial and logistics by the end of 2022 and our investment philosophy is underpinned by innovation.

“With this transaction, we are further expanding our logistics platform in the North East area, and over the coming months we will continue to focus on both logistics parks and last-mile logistics across the main Italian cities.”

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Rendering of the new logistics project in Verona, Italy. Credit: Hines.