US-based investment manager The Carlyle Group has extended its European logistics platform by entering the Italian market to acquire five logistics assets totalling 210,000 m2.
The 210,000 m2 portfolio was purchased in two separate transactions. One asset was acquired from a European investment fund and the remaining four from Prologis.
The financial details were not disclosed.
All of the assets are located within the northern Italian logistics corridor, which is centred around Milan and spreads between Bologna, Venice and Turin.
The entry into the Italian logistics market follows Carlyle’s acquisition of 413,000 m2 of French logistics assets earlier this year.
The portfolio is currently more than 90% occupied, with two-thirds of the value concentrated in high-quality buildings in prime logistics hubs near Milan. Carlyle said it has identified a number of value-enhancing asset management opportunities, including lease-up of the vacant space, refurbishments, lease re-gears and potential new development. This is also the start of an ongoing initiative with sector specialists, Logistics Capital Partners, who will assist across the Italian portfolio.
'Northern Italy is a an attractive logistics market due to a combination of relative undersupply since the global financial crisis and increasing demand driven by the growth of e-commerce and rapidly evolving consumer behaviour,' said Anssi Halonen, director of Carlyle Europe Real Estate.
Marc-Antoine Bouyer, managing director, Carlyle Europe Real Estate, added: 'These investments are the continuation of our Pan-European logistics investment strategy that we have successfully initiated earlier this year.'
Carlyle was advised by Freshfields Bruckhaus Deringer and PWC for the acquisitions, with CBRE providing strategic and transactional market advice. Logistics Capital Partners will be providing leasing, property and technical management for the assets. The acquisition has been financed through a combination of equity and debt, with Aareal Bank providing a financing facility. Prologis was advised by JLL and DLA Piper.
