Swiss financial services group GWM has acquired the Clarice closed-end fund from a Danish property group as part of a debt restructuring deal.
The Clarice fund owns a €220 mln Italian logistics portfolio let to Telecom Italia on a long-term basis.
The vendor of the 100% equity interest in the fund is Danish property group Europaeiske Ejendomme Holding.
Financial details were kept confidential.
The acquisition was completed in the context of a restructuring of the original financing of Clarice units, which had both Deutsche Bank and M&G Investments among its participants.
The fund, which owns 70 logistics properties located across Italy, is managed by Italian property service firm Prelios.
The package provides 62,000 m2 of logistics space largely located in the cities of Milan and Rome, which make up for around 43% of the properties. The properties are leased through 2021.
Europaeiske Ejendomme Holding is understood to have bought the assets for DKK 1.85 bn (€247 mln) five years ago.
Cushman & Wakefield advised the vendor. GWM Capital Advisors acts as investment advisor for the funds managed by the GWM Group involved in the transaction.
