LeadCrest Capital Partners, a fund exclusively dedicated to sale-leaseback and build-to-suit investments in Europe, has entered the Italian market with the acquisition of a 42,000 m2 retail warehouse portfolio for €70 mln.
The deal was made in partnership with vendor and occupier Tecnomat – the B2B Italian arm of DIY giant Adeo - through an Italian real estate fund managed by Polis Fondi SGR.
The portfolio comprises five modern retail warehouses located in dynamic cities with strong demographic and socioeconomical profiles across Northern and Southern Italy. The portfolio includes three standing assets built in 2013 and in 2022, as well as two big box retail units currently under development and scheduled to complete later this year. It is let on a long-term triple net lease to Tecnomat.
Michele Cuoccio, CFO at Tecnomat Italia said: ‘We are excited about this new partnership with LeadCrest who have shown a deep understanding of our sector and a great deal of flexibility. We have a strong pipeline with numerous openings planned in the next few years, and we are delighted to team up with LeadCrest to help us extend our footprint.’
Georges Asmar, portfolio manager at LeadCrest Capital Partners added: ‘This also marks our first investment in Italy, a country with strong attributes in which we plan to invest further.’
