GLP has acquired seven logistics assets totaling 200,000 sqm in Italy.
GLP said the portfolio acquisition represents one of the largest logistics transactions in Italy this year and was made on behalf of its pan-European logistics fund Europe Income Partners II (GLP EIP II).
The portfolio was sold by two funds advised/managed by Tristan Capital Partners and BNP Paribas REIM SGR.
The logistics assets acquired in Italy are all grade A rated and are located in the two main logistics hubs in the country namely Milan (five assets, occupying approximately 60% of the total SQ FT) and Rome (two assets, 40% of the total SQ FT). The seven buildings all benefit from excellent connectivity being located close to the main motorway network and are occupied by leading operators in the supply chain, transport, cosmetics and hospital equipment sectors, with customers including XPO and Kuehne Nagel.
“This latest acquisition gives us immediate scale in the Italian logistics market and is in line with our commitment to expand our footprint and deepen our presence in all of the 12 markets in which we operate through strategic acquisitions and developments. Since entering the European market in 2017, GLP has more than tripled its assets under management, and we intend to double this again over the next two years,” said Daan van den Hoven, Head of Fund Management & Capital Deployment, Europe.
“GLP’s first acquisition in the Italian market has been a great success and was completed in record time. This is in line with our strategy to acquire and develop well-connected, quality properties located in the main logistics hubs of the country as we grow our offering across both Italy and Europe as a whole.
“The recent growth of ecommerce, driven by the pandemic, has significantly increased the importance of logistics in supply chains for businesses of all shapes and sizes. This was a driving factor in our decision to expand our portfolio using our sector-specialism to further support our customers.”