GLP has made its second logistics portfolio investment in Italy this year by acquiring ten properties totaling 230,000 sqm located in Northern Italy.
This transaction was the largest completed by GLP in Europe this year and was carried out by the Alternative Real Estate Fund, Augustus, fully subscribed by GLP and managed by Kryalos SGR.
GLP said this acquisition represents one of the most significant transactions involving a logistics portfolio in Italy and represented the rare opportunity to have access to a portfolio of Grade A assets located in the main logistics hubs in Northern Italy.
Most of them are located in the macro-area of Milan, while the rest are located in Verona, Turin and Parma.
The ten properties all benefit from excellent connections, being located close to the main motorway networks, and are also all entirely rented out to leading operators in the logistics, large-scale distribution, 3PL, food and beverage and transport sectors.
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. I am particularly pleased that GLP has managed to acquire these properties from a number of relevant and well-structured offerings. 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 real estate portfolio across Europe ”.
Paolo Bottelli, Chief Executive Officer of Kryalos SGR said: “Logistics today represents a reference asset class for the Italian real estate market thanks to factors such as the development of e-commerce and the consequent distribution needs, the outstanding demand of large operators international markets, the low vacancy rate and attractive rates of returns. 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 “.