Logistics investor and developer GLP has acquired seven logistics real estate assets in Italy, from two funds managed by Tristan Capital Partners and BNP Paribas REIM.
Financial details were not disclosed.
The 200,000 m2 portfolio acquisition represents one of the largest logistics transactions in Italy this year and was made on behalf of GLP’s pan-European logistics fund Europe Income Partners II (GLP EIP II).
Daan van den Hoven, GLP's head of fund management & capital deployment, 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.'
The seven buildings are occupied by leading operators in the supply chain, transport, cosmetics and hospital equipment sectors, with customers including XPO and Kuehne Nagel.
The assets 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 area) and Rome (two assets, the remaining 40%).
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 e-commerce, 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 deal expands GLP's footprint in Europe to 4.5 million m2, with a further 3.4 million m2 in its development pipeline.
Yassine Berkane, director of portfolio and asset management at Tristan Capital Partners, said: 'This transaction demonstrates the strong desire there is in the market for institutional quality, well-located logistics assets in Italy.
'Changing consumer habits, including the continued rapid growth of e-commerce businesses, mean that well-located logistics sites which benefit from their proximity to major hub cities will continue to be in demand.'
GLP was supported in this acquisition by CBRE, Dentons and Arcadis, respectively for the commercial, legal and technical aspects.
The vendors were advised by JLL, DLA Piper, REAAS and Pirola Pennuto Zei & Associates on the sale. Real Consultant acted as the asset manager for the portfolio.
