Real estate fund Minerva, promoted by Blackstone, has snapped up two logistics properties totalling 62,000 m2 in Genoa and Bergamo, Italy.
Italian real estate fund manager Kryalos Sgr acted on behalf of the Minerva fund in both transactions.
With these deals, Minerva Fund now owns five logistics properties with a combined area of 91,400 m2 and a market value of €57 mln.
Paolo Bottelli, CEO of Kryalos Sgr, said: ‘We continue with determination in investing in the logistics asset class, expanding the focus also to new territorial areas in northern Italy, also in light of the growing demand from Italian and international operators, and an almost zero vacancy rate. These investments allow us to expand our territorial coverage while maintaining our focus on the main air, road and sea transport routes.’
The two last mile logistics facilities in Genoa have a total area of 28,600 m2.
The first one in Cogoleto consists of three units totalling 11,300 m2 and 23 loading bays, located 24 km from Genoa airport and 30 km from Genoa port, with direct access to the A10 Genoa-Ventimiglia highway.
The facility in Multedo is a multifunctional complex, completely renovated in 2017, extending for 17,300 m2 with 32 loading bays, 1 km from the airport, in the port area west of Genoa and with highway access.
The second investment in Telgate - Bergamo consists of 40 loading bays and an area of 33,600 m2, crucially located near to the Turin-Milan-Trieste highway and Orio al Serio airport.
