Target Information

Bain Capital and Stoneweg, through their Italian joint venture (JV), have agreed to forward purchase a portfolio worth €200 million from VLD, a prominent Italian logistics developer. This portfolio consists of six Grade A logistics warehouses spread across three strategic locations, totaling 225,000 square meters of Gross Leasable Area (GLA). The joint venture now boasts an impressive aggregate of 330,000 square meters across five projects in Italy, with a Gross Development Value (GDV) of approximately €500 million.

The portfolio includes developments in key logistics hubs, highlighting the JV's strong belief in the logistics sector. The strategic locations will help meet the increasing tenant demand spurred by demographic changes and evolving consumer behaviors. All assets are planned to meet the highest Grade A standards, aiming for LEED Gold ESG certification, thus reflecting the JV's commitment to sustainability and excellence.

Industry Overview in Italy

The Italian logistics sector has seen a remarkable turnaround, characterized by a robust demand structure and low vacancy rates. In 2025, the industry's performance reflected an impressive year-on-year investment activity increase of 121%, driven predominantly by sectors such as renewable energy, luxury maritime, and e-commerce logistics. This growth signals the resilience of the logistics market in the face of global economic uncertainties.

Italy's logistics landscape is supported by a favorable GDP growth forecast and a positive employment outlook, making it an attractive environment for investors. The sector's consistent sub-5% vacancy rates are indicative of a strong demand-supply dynamic. Additionally, tenants are increasingly seeking high-quality, sustainable logistics spaces, which further solidifies the position of assets developed to Grade A standards.

As the demographics shift and consumer behaviors adapt, there is a growing inclination towards e-commerce, which is altering the logistics framework in Italy. This evolution presents a conducive environment for stable rental growth, especially in logistics facilities that offer strategic connectivity and modern amenities.

Overall, the dynamics within Italy's logistics market highlight a sector poised for continued growth, backed by both investment enthusiasm and tenant demand. This creates a rich opportunity for investors focusing on premium logistics assets.

The Rationale Behind the Deal

The decision by Bain Capital and Stoneweg to invest in this logistics portfolio stems from a favorable outlook for the European logistics sector. The joint venture sees multiple tailwinds boosting demand, including increased e-commerce penetration and a reduced supply pipeline of modern, Grade A properties. These factors contribute to rising rents and sustained interest from tenants, making this investment strategically sound.

Additionally, the acquisition aligns with the JV's broader plan to leverage opportunities in logistics while maintaining a sustainable approach. By focusing on high-quality assets in prime locations, they aim to exploit current market conditions, enhancing their portfolio's value over time.

Information about the Investor

Bain Capital, founded in 1984, is a leading global private investment firm with a commitment to creating lasting value for its investors and communities. With a diverse focus on five sectors, including Real Assets, Bain Capital possesses deep sector expertise and a collaborative culture that fosters innovative investment strategies. Currently managing approximately $185 billion in assets across 24 offices worldwide, Bain Capital aims to maximize returns through strategic investments in promising sectors.

Stoneweg, established in 2015, is a global alternative investment group focused on Real Assets management and investment. Headquartered in Geneva, Switzerland, Stoneweg has expanded to approximately €9 billion in assets under management, partnering with worldwide investors to identify and develop superior investment opportunities. Their extensive operational presence across 17 countries allows them to leverage local market knowledge and investment capabilities effectively.

View of Dealert

The investment made by Bain Capital and Stoneweg in the Italian logistics sector appears promising, given the robust trends driving demand for logistics facilities. With e-commerce continuing to expand and vacancy rates remaining low, this investment aligns with a strong growth trajectory anticipated in the sector. Furthermore, the development strategy focused on sustainability and high standards should lead to both increased tenant interest and long-term financial returns.

Additionally, the geographical positioning of properties in prime logistics hubs enhances their appeal, further solidifying the JV's market positioning. The positive outlook articulated by industry leaders suggests that this deal not only addresses current demands but also anticipates future requirements within the logistics landscape.

Taking into account Italy's economic backdrop and the strategic investment plans laid out by the JV, this acquisition has the potential to deliver exceptional returns. Additionally, Bain Capital's historical performance and Stoneweg's local expertise provide a solid foundation for success moving forward.

In conclusion, the partnership's commitment to top-tier logistics facilities alongside a focus on sustainable practices positions this investment as a potentially lucrative endeavor. The market conditions combined with the JV's strategic vision could yield significant benefits in the evolving Italian logistics sector.

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