Italian asset manager Kryalos’s last mile logistics fund, known as Hour, has received a €120 mln loan facility from Bank of America to refinance its portfolio and free up cash for new acquisitions.
The Hour fund, which is invested by Mark’s Crossbay arm, owns a portfolio of 24 last-mile assets in Italy for a total of 200,000 m2 of space.
‘The financing transaction confirms the credibility of Kryalos SGR on the international markets and the continuous interest of investors and lenders in logistics, an asset class in which we have a market leadership having first believed in the potential of this sector,’ commented Paolo Bottelli, Chief Executive Officer of Kryalos SGR.
Kryalos is also believed to be selling the logistics assets owned by three of its funds, Camelot, Ermes and Thunder II. According to reports, Axa, Morgan Stanley, GLP e Patrizia are vying for the assets, which are believed to be worth around €250 mln.
