Segro sells six warehouses in Italy for €127.51 million
SEGRO has agreed the sale of a portfolio of six Italian urban warehouses for €127.51 million to AXA IM.
The warehouses were developed by SEGRO-Vailog for a global online retail company to support the growth of its distribution network in Italy.
The warehouses, covering a total floor space of 56,000sqm, are located in Florence, Burago, Padua, Parma and Verona. Five of the sales have already completed and the sixth will complete later this year following practical completion of additional works.
David Proctor, Managing Director, Group Investment at SEGRO, said it developed and delivered the warehouses for one of our key customers to support their expansion plans.
"Investor demand for prime, modern industrial assets is very strong in Italy as a result of the rapid growth of e-commerce. The warehouses within this portfolio are located outside our core markets so we have chosen to capitalise on buoyant market conditions to sell this portfolio at a price materially ahead of December 2020 book value. We will be recycling the capital into exciting opportunities in other parts of Italy."
This month construction has begun creating the connection for the 35-acre strategic rail freight interchange (SRFI) at SEGRO Logistics Park Northampton Gateway. SEGRO is investing £190 million into infrastructure, including the new SRFI and significant improvements to the surrounding road network.
AIT Worldwide Logistics recently relocated its team of transportation logistics professionals in Italy to a new, larger location in Lainate, a municipality of Milan. According to AIT-Milan Branch Manager, Federico Vincinelli, the new space is three times larger than the team's previous location, with features including enhanced internet, a private security team, and an open, modern floor plan.
To read a profile on European logistics visibility platform Shippeo, which has an operation in Milan, click here.
Spain tenders Madrid cargo hub
Spanish airport operator Aena plans to launch a tender for a new Madrid cargo hub in the fourth quarter of 2021, as it looks to capitalise on a coronavirus-induced boom in freight logistics, according to a Reuters report.
The tender, for the rights to use an area of 32 hectares close to Madrid’s Barajas airport, is part of Aena’s and flag carrier Iberia’s plan to raise the profile of the airport and transform it into a larger international hub.
Aena will seek one or more investors for the wider development project, which will include building offices and hotels close to Europe’s fourth-largest airport, the report states.
Environment Agency clamps down on plastic films and wraps
Businesses in the waste and construction industries must ensure they deal with waste plastic properly to stop illegal exports, the Environment Agency (EA) has warned.
The warning comes as the Agency is increasingly aware of plastic film and wrap from the construction and demolition sector being illegally exported.
Exports are frequently being classified as ‘green list’ waste of low risk to the environment, but are often contaminated with materials such as mud, sand, bricks and wood, posing a risk to the environment and human health overseas, and undermining legitimate businesses in the UK seeking to recover such waste properly.
During the last year, the EA has intercepted shipments to prevent the illegal export of this material on numerous occasions. The Agency inspected 1,889 containers at English ports and stopped 463 being illegally exported. This, combined with regulatory intervention upstream at sites, prevented the illegal export of nearly 23,000 tonnes of waste.
Those convicted of illegally exporting waste face an unlimited fine and a two-year jail sentence. But construction firms could also face enforcement action if contaminated construction and demolition waste plastic is illegally exported.
Malcolm Lythgo, Head of Waste Regulation at the Environment Agency, said it is seeing a marked increase in the number of highly contaminated plastic film and wrap shipments from the construction and demolition industry being stopped by officers.
“I would strongly urge businesses to observe their legal responsibility to ensure waste is processed appropriately, so we can protect human health and the environment now and for future generations. It’s not enough just to give your waste to someone else - even a registered carrier. You need to know where your waste will ultimately end up to know it’s been handled properly. We want to work constructively with those in the construction and waste sectors so they can operate compliantly, but we will not hesitate to clamp down on those who show disregard for the environment and the law.”
There are a number of simple, practical steps that businesses can take to ensure that C&D site waste is handled legally.
Construction businesses should check what’s in their waste
- Different waste types need different treatments and so must be correctly categorised to ensure it goes to a site that is authorised to handle it safely. Businesses can also check if their waste is hazardous as different rules might apply.
- If you are removing the waste yourself, you must be a registered waste carrier- registration can be carried out here. When a waste collector is transporting your site waste, you must check they have a waste carrier’s licence from the EA.
- You must also check that the end destination site any waste is taken to is permitted to accept it and has the right authorisations in place. Keep a record of any waste that leaves your site by completing a waste transfer note or a consignment note for hazardous waste which record what and how much waste you have handed over and where it is going.
Waste management industry must adhere to export controls
- Contaminated C&D waste plastic - including low-density polyethylene (LDPE) wrap and film - must be exported with prior consent from the EA as well as competent authorities in transit and destination countries.
- Those involved in the export of such waste must ensure that it meets the requirements set under the relevant export controls, such as being almost free-from contamination; the destination sites are appropriately licensed to receive and treat the waste; and waste is correctly managed once received.
The EA will continue to actively target those who export contaminated C&D plastic waste illegally, including any accredited packaging exporters who issue Packaging Waste Export Recovery Notes (PERNs) against such material in breach of their Conditions of Accreditation.
Businesses involved in the shipment of waste are required to take all necessary steps to ensure the waste they ship is managed in an environmentally sound manner throughout its shipment and during its recycling.
Anyone with information regarding the illegal export of waste including C&D waste plastics can contact the EA’s Illegal Waste Exports team at: [email protected] or anonymously via Crimestoppers on 0800 555 111 or via their website