US private equity firm KKR has joined forces with Hines' Italia Value Added Fund and services firm Coima to make its first foray in Italy with the purchase of five assets leased to Telecom Italia.
US private equity firm KKR has joined forces with Hines' Italia Value Added Fund and services firm Coima to make its first foray in Italy with the purchase of five assets leased to Telecom Italia.
The assets were acquired from Tecla Fondo Uffici, a listed closed-end vehicle managed by Prelios, for €49 mln.
They are located in the cities of Monza, Rome, Parma, San Remo and in Pavia and are currently let to Telecom Italia. In total, the properties provide a gross area of 35,500 m2.
Since launching a dedicated real estate platform in 2011, KKR has committed over $2 bn to 50 real estate transactions in the US, Europe and Asia. It currently has a real estate team of over 30 professionals.
'This purchase of five telecom assets in Italy, our first real estate deal in the country, demonstrates KKR’s continued commitment to investing in European real estate,' said Guillaume Cassou, head of European Real Estate at KKR. 'The assets’ long-term leases and their strategic nature make this an attractive acquisition. Collaborating with Hines on the acquisition is further testament to our firms’ extensive relationship in both the US and Europe.'
KKR and Hines Italia SGR were advised by Gianni, Origoni, Grippo, Cappelli & Partners and Apollo & Associati on the legal front, while CBRE lent support in the due diligence of the investment.
