Italian asset manager Namira Sgr's Industriale Italia fund has sealed its first acquisition with the purchase of a 30,000 m2 production facility in Empoli, between Florence and Pisa, from Irplast, owned by London-based private equity firm Cheyne Capital.
Under the deal, Irplast will lease back the asset under a 24-year lease term with a renewal option. Financial details were kept confidential.
Industriale Italia focuses on sale-and-leasebacks with the aim to build a portfolio worth €500 mln.
'Industriale Italia aims to be a useful tool for entrepreneurs, small and medium-sized Italian companies and private equity firms wishing to diversify their sources of financing, a tool widely used abroad and which is increasingly gaining interest in Italy,' commented Eugenio Radice Fossati, founder of Namira Sgr.
'We are extremely satisfied to have concluded this operation with Fondo Industriale Italia,' said Fausto Cosi, CEO of Irplast, 'thanks to the deconsolidation of our main property with strategic partners, we have freed up precious liquidity to be used for new investments.'
