Blackstone's Italian asset management arm, Kryalos, has acquired four last mile logistics assets across Italy covering 95,000 m2 of space.
The deals were struck via its Thunder II and Jupiter funds. Newly established fund Jupiter focuses on the last mile segment.
The properties are located in Milan, Rome and San Miniato in Tuscany.
Paolo Bottelli, Kryalos CEO, said: ;Institutional investors see great potential for development in the Italian logistics market in light of factors such as almost zero vacancy rates and rapidly evolving demand.
We have capitalised on a unique track record in the logistics market that allows us to identify the best investment opportunities in areas with the highest growth rates.'
Jupiter's acquisitions include a 20,000 m2 property in Rho, 15 km from the centre of Milan.
The asset is rented to a single tenant and is very well connected to the city of Milan and the main road arteries, being close to the A4 Milan-Turin motorway and the Tangenziale Ovest.
The second property is located 25 km from the center of Rome and is well connected thanks to the A24 Rome-L'Aquila motorway and the A1 Milan-Naples motorway. The asset has 43 loading bays and is entirely leased to multiple tenants.
The closed-end real estate alternative investment fund (AIF) Thunder II has completed the purchase of a portfolio consisting of two logistic properties covering 55,000 m2 in San Miniato in the province of Pisa.
The first property is leased to a French chemical operator, while the second, newly built, is leased to a leading operator in the Italian industrial sector.
The portfolio is served by a total of 110 loading bays and is well connected thanks to the FI-PI-LI expressway and the A11 Firenze-Mare motorway. It joins the Autostrada del Sole A1 near Florence and with the A12 motorway near Pisa; and is only about 50 km from the commercial port of Livorno.
Through these transactions, Kryalos expands its logistics portfolio in Italy to over 160 properties for a total of 3.5 million m2.