Logistics real estate investor GLP has acquired seven assets in Italy on behalf of its pan-European logistics fund.

GLP has invested an undisclosed amount to buy the 200,000sqm portfolio for Europe Income Partners II (GLP EIP II), a logistics fund with €1.6bn in total equity commitments.

The portfolio was sold by two funds advised/managed by Tristan Capital Partners and BNP Paribas REIM.

Five of the assets are located in Milan and the remaining two assets are located in Rome.

Daan van den Hoven, the head of fund management and capital deployment in Europe, said: “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.”

Roberto Piterà, country director of GLP Italy, said: “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.”

The latest acquisition expands GLP’s footprint in Europe to 4.5m sqm, with a further 3.4m sqm in its development pipeline.

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