Bain Capital and Stoneweg earmark €200m for Italian logistics venture

Global private investor Bain Capital and alternative investor Stoneweg are boosting their Italian logistics venture with a €200 mln investment. 

Logistics - Bain and Stoneweg

The two partners are buying six state-of-the-art warehouses totalling 225,000 m2 from Italian logistics developer VLD. 
Strategically positioned in prime logistics hubs, these warehouses are located near Florence, Rome, and Bologna.
The portfolio includes two buildings totalling 45,000 m2 under construction near Florence, three large warehouses totalling 150,000 m2 near Rome (completion expected between late 2026 and 2028) with easy access to the A1 highway for serving Rome and Southern Italy, and a 33,000 m2 facility near Bologna (expected completion in the first half of 2027), also with direct A1 highway access. 
All properties will be built to the highest standards and are designed to achieve at least a LEED Gold environmental certification.
The investment reflects the partners' confidence in the Italian logistics market, where limited new construction, strong tenant demand, and shifting consumer habits are expected to drive rent increases. 
Rafael Coste Campos, a partner at Bain Capital, said: “We maintain a positive outlook on European logistics and, across the locations where we are present, are well positioned to benefit from the current market tailwinds. We see a solid demand outlook, fostered by secular themes of e-commerce penetration and nearshoring, a reduced pipeline of modern, Grade-A product, whilst witnessing increasing quality requirements from tenants. All this is contributing to contained vacancy and growing rents. Our European Grade-A logistics portfolio has reached a critical mass of $1.5 billion GDV today, and we are looking to expand further.”
Joaquin Castellvi, co-founder and head of Strategic Investments at Stoneweg commented: “The Italian logistics sector continues to be characterized by sub-5% vacancy levels and has been a top performer in 2025, with investment activity up 121% year on year, underlining the sector’s defensive characteristics despite the uncertain global economic backdrop. Driven by demand from the renewable energy, luxury maritime and e-commerce logistics segments, and supported by Italy’s favourable GDP and employment outlook, we anticipate strong occupier demand for these highly sustainable assets. Alongside Bain Capital, and leveraging the strength of our local teams, as well as the opportunities being presented by current market dislocation, we have the ambition and near-term pipeline to significantly scale the platform.”
These deals come after the joint venture's initial investments in Bari and Tuscany, where they recently completed two LEED Gold-certified logistics projects totaling 110,000 m2.
Stoneweg and Bain Capital received advice from Dils and Colliers on commercial matters, Linklaters on legal, tax, structuring, and regulatory issues, and CBRE on technical due diligence.