Delivery of a new 45,000 sqm warehouse in Castelletto Cervo for Mondoffice and RAJA Italy
Castelletto Cervo, Italy – The Raja Group (“Raja”) has inaugurated its new distribution center in Castelletto Cervo. The property, owned by the AB Alternative Fund SICAV-SIF European Real Estate sub-fund (“The Fund”), will host the activities
of Mondoffice and Raja Italy. This project aims to become one of the most significant in the logistics sector in recent years. With an investment of approximately €25 million, the center has expanded from 20,000 to 45,000 square meters. This will allow the growing needs of Mondoffice and Raja Italy customers to be met, managing up to 50,000 product references and processing 4,500 orders per day, with deliveries within 24-48 hours to over 75% of the national territory. This is the first time Raja Group gathers its two key sectors in one place: packaging and office supplies.
Raja is a European leader in the distribution of supplies and equipment for businesses. The group has approx. €1.7bn turnover, 70 years of existence and above 4’500 employees. The Fund has signed a new 20-year lease following the completion of the extension, which began on August 8.
Raja has injected €7 million in a new, ultra-modern and automated sorting line, enhancing the logistics capabilities of Mondoffice and Raja Italy. Through this extension, Raja optimizes its storage and distribution capacities, further strengthening its position in the Italian market. This project is part of a sustainable growth initiative and will create employment opportunities for the local community. The expanded facility is indeed requiring additional staff to manage its increased logistics operations.
The new distribution center, designed, authorized, and completed in less than two years, aims for excellence in sustainability. It was designed according to LEED (Leadership in Energy and Environmental Design) standards with the goal of obtaining LEED Gold certification, thanks to innovative installations such as solar panels, a water collection system for irrigation, and charging stations for electric vehicles. The warehouse is climate-controlled thanks to heat pumps, ensuring a comfortable working environment in every season. It is also equipped with charging stations for electric vehicles and a rainwater collection system for irrigating the 20,000 sqm of green spaces around the building.
This extension development, successfully managed by our asset manager, Savills Investment Management Italy, marks a significant milestone for the Italian portfolio and will ultimately add significant value to the Fund. Daniel Deléchat, Head of Asset Management at Arab Bank (Switzerland) Ltd., comments: “The successful realization of this significant project demonstrates our deep commitment to our tenants and expertise in executing complex real estate projects as well as mobilizing the necessary financial resources to support business growth strategies, while placing eco-sustainability at the heart of the development model. The logistics sector continues to be, and will remain for the foreseeable future, one of the key drivers of growth in the real estate industry. We have strong confidence in our strategic investment in this asset class, driven by long-term structural trends such as the shift to e-commerce and increasing ESG regulations.”
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