Global investment manager GLP has closed the acquisition of a core portfolio of 10 logistics assets in Northern Italy from US asset management giant Blackstone.
The so-called Pi Century portfolio is believed to have been sold for over €260 mln through funds managed by Blackstone’s 35% owned arm Kryalos.
The 230,000 m2 portfolio comprises fully-leased assets located near Milan and Lodi, in the Italian cities of Liscate, Massalegno, but also in Turin, Parma and Verona. It was bought by GLP through the Augustus fund.
It is the second acquisition carried out by GLP in Italy this year, and doubles the group's platform in the country to around 460,000 m2.
Roberto Piterà, country director of GLP Italy, commented: 'This operation significantly expands our presence in the country, effectively doubling our Italian portfolio and further improving its quality. This acquisition, which rightfully places us in the top 5 logistic property owners in Italy, will allow us to better serve our existing customers and add new ones to our growing community. We will continue to look for opportunities to invest capital and develop sustainable and quality properties in Italy, as well as contributing to the growth of GLP's property portfolio throughout Europe.'
Paolo Bottelli, Chief Executive Officer of Kryalos SGR said: 'We are very pleased to have collaborated with GLP on a deal that promises to be the largest, in terms of size, on the Italian logistics market in 2021 and which confirms the strong interest of institutional investors in this asset class.'
Kryalos SGR and GLP were advised by CBRE, Gattai, PWC, Deloitte and Artelia for the commercial, legal, financial, fiscal and technical aspects respectively.