Global investment manager GLP and Italian asset manager Kryalos Sgr have acquired land in Filago, province of Bergamo, from Domo Media, for the development of a 50,000 m2 logistics property.
The acquisition was conducted through the Achilles Fund, a development fund fully subscribed by GLP and managed by Kryalos Sgr.
The location is strategic to easily reach the strategically important areas of northeastern Italy, also thanks to the proximity of the A4 highway.
Previously, in March 2023, the Fund purchased three greenfield assets with 73,000 m2 of gross leasable area, located in the Rome area and endowed with BREEAM Excellent certifications, due for completion by end-2024.
Marco Belli, country director of GLP Italia, commented: ‘The launch of the new Achilles Fund represents a very important step in GLP's growth strategy in Italy. The will to continue to invest in the development of high-quality logistics properties in the country is reconfirmed, investing in particular in greenfield assets located in strategic nodes of the peninsula. In fact, the first acquisition made through the new fund concerns the Milanese macro-area, specifically Filago, where investor interest remains very high.’
Paolo Bottelli, managing director of Kryalos SGR, added: ‘The Achilles Fund was born with a clear specialization on sustainable investments and represents an important opportunity to develop ex novo projects, located in non-urbanized areas but of strategic interest, and thus enhance urban and economic induced. In the Italian market today there is a very high interest in sustainable and innovative logistics assets that comply with ESG principles, and we are happy to pursue this project with GLP, with whom we want to continue to develop opportunities to create shared value.’
Dentons Europe Studio Legale Tributario assisted for the legal aspects of the transaction, PwC for the tax aspects, and Di Tanno Associati for the regulatory and corporate aspects.
