Curzon Capital Partners 5 Long-Life (CCP 5 LL), the core-plus fund advised by Tristan Capital Partners, has announced the acquisition of a 150,000 m2 GLA portfolio of five assets located mainly in Emilia Romagna, Northern Italy from Coop Adriatica and Coop Alleanza 3.0. Financial details were not disclosed.
Sale and leasebacks have been agreed for four of the properties; the final asset located in the heart of Bologna Interporto is let to third parties. Kervis Asset Management, a real estate consulting firm and asset manager in Italy will act as the operating partner for CCP 5 LL.
The properties represent the backbone of Coop Alleanza 3.0’s food distribution network by acting as the delivery and sorting point for grocery goods from suppliers, which serve almost 300 grocery stores/points of sale daily.
The portfolio's gross lettable area breaks down into 25% of dry storage and 75% of cold storage. The acquisition grows the fund's logistics allocation to more than €700 mln.
Thibault Ancely, managing director at Tristan Capital Partners, said: 'This transaction with a 15-year WAULT is complementary to our Italian logistics strategy, notably in terms of tenant diversification in the grocery sector. We have grown our logistics allocation to more than €700 mln and will continue to grow our portfolio of well-located logistics assets and are assessing a number of opportunities in the market.'
Giulio Bentivoglio, partner at Kervis, added: 'This acquisition alongside the Tristan fund is testament to the quality of the relationships with the team and we look forward to capitalising on the partnership we are building together with such a renowned operator as Coop Alleanza 3.0.'
Since its inception, Tristan has completed more than €3.3 bn deals in the logistics space including €230 mln of activity in Italy.
CCP 5 LL was advised by Greenberg Traurig Santa Maria, Pirola Pennuto Zei & Associati, Yard Reaas, and EY. The vendors were advised by CBRE and Studio Chiomenti.
