LeadCrest Capital Partners has bought a €70m retail warehouse portfolio in Italy in a sale-and-leaseback deal with Tecnomat, the B2B Italian arm of DIY company Adeo.
LeadCrest said the acquisition of the 42,000sqm portfolio of five assets was made through an Italian real estate fund managed by Polis Fondi.
The assets located across Northern and Southern Italy, include three standing assets built in 2013 and in 2022, as well as two big-box retail units currently under development and scheduled to complete later this year.
It is the first investment in Italy for the fund dedicated to sale-and-leaseback and build-to-suit investments in Europe.
LeadCrest said it marked the start of a long-term relationship with Italian builders’ merchant and home improvement retailer Tecnomat.
Michele Cuoccio, CFO at Tecnomat Italia, said: “We are excited about this new partnership with LeadCrest who have shown a deep understanding of our sector and a great deal of flexibility.
“We have a strong pipeline with numerous openings planned in the next few years, and we are delighted to team up with LeadCrest to help us extend our footprint.”
Georges Asmar, portfolio manager at LeadCrest Capital Partners, said: “We look forward to executing on a robust pipeline with Tecnomat and are humbled to participate in the firm’s success.
“This also marks our first investment in Italy, a country with strong attributes in which we plan to invest further.”
LeadCrest was launched in April 2019 by former Colony Capital director Asmar. The company invests in office, industrial, retail and special-purpose properties with leases of more than 10 years.
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